UK BNPL Business Report 2024 Forecasting $38.76B Growth Trend

13 Feb, 2024

UK BNPL Business Report 2024 Forecasting $38.76B Growth Trend

The "United Kingdom Buy Now Pay Later Business and Investment Opportunities Databook - 75+ KPIs on BNPL Market Size, End-Use Sectors, Market Share, Product Analysis, Business Model, Demographics - Q1 2024 Update" report is now available on ResearchAndMarkets.com's platform.

BNPL payments in the country are poised to experience a significant annual growth of 14.6%, reaching a substantial sum of US$38.76 billion by the end of 2024. This indicates a promising trajectory for the BNPL industry in the United Kingdom, with a projected steady rise over the medium to long term. Forecasts suggest a Compound Annual Growth Rate (CAGR) of 9.6% during 2024-2029, with the BNPL gross merchandise value expected to soar from US$33.81 billion in 2023 to approximately US$61.39 billion by 2029.

The report offers a comprehensive analysis of the Buy Now Pay Later (BNPL) sector, encompassing market opportunities and risks across various retail categories, with over 75 Key Performance Indicators (KPIs) presented at the country level. This detailed examination facilitates a deep understanding of BNPL market dynamics, sizing, forecasting, and market share insights.

As the cost-of-living crisis persists, an increasing number of Britons are resorting to buy now pay later schemes to manage their financial obligations, a trend anticipated to persist in the medium term. This surge in demand is driving providers to innovate and introduce new products to cater to consumers' needs, thereby fostering revenue and business expansion.

However, alongside the industry's growth, there's a concerning trend of rising consumer debt, particularly among the younger demographic, due to missed repayments and accrued late fees. Despite this challenge, the BNPL industry in the United Kingdom is poised for positive growth over the next three to four years, underpinned by the expanding adoption of these payment solutions amid the prevailing economic circumstances.