Shifting Consumer Trends in Spain’s Golden Quarter
The Golden Quarter, marked by significant shopping events like Black Friday and Christmas, is witnessing a notable shift in consumer behavior in Spain. As per the latest Think with Google analysis, a substantial 6 out of 10 Spanish consumers now consider sustainability a crucial factor when making purchases. This trend is influencing the adoption of Buy Now Pay Later (BNPL) services, which are increasingly being used to access more sustainable and second-hand products.
BNPL Facilitates Sustainable Consumption
FLOA, the BNPL payment subsidiary of the BNP Paribas Group, has collaborated with Kantar to conduct a study revealing that 19% of Spaniards have already utilized BNPL payment methods to purchase second-hand products. This percentage surpasses the European average of 18%. Furthermore, the study indicates that 38% of Spaniards would be more inclined to buy second-hand products if BNPL options were available.
Expanding the Second-Hand Market
The study’s data suggests that nearly 4 out of 10 consumers in Spain (38%) would opt for a second-hand product over a new one if BNPL methods were available. This presents a significant opportunity to expand the second-hand market and promote the circular economy by offering flexible payment solutions and reinforcing ecological awareness among consumers.
Access to Quality and Sustainable Products
The FLOA study also highlights the primary reasons for using installment or deferred payment by consumers. The main reasons include managing unforeseen events (68%) and undertaking projects that would be unaffordable otherwise (66%). Notably, more than half of Spaniards (56%) believe that BNPL allows them to access higher quality and sustainable products. This data reinforces the idea that BNPL is not only a tool for increasing flexibility but also a means to help consumers plan their finances.
A Bridge to Sustainable Consumption
Alexandre Carrera, Head of Iberia at FLOA, emphasizes the significance of BNPL in promoting sustainable consumption: “The circular economy is gaining ground in Spain, and BNPL is becoming a key tool in this transformation. Our study’s data reflects how BNPL is not just a payment solution, but could become a bridge to more sustainable consumption.”