DUBLIN–(BUSINESS WIRE)–The “Australia 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 has been added to ResearchAndMarkets.com’s offering.
BNPL payments in Australia are expected to grow by 14.8% on an annual basis to reach US$16.84 billion in 2024. The medium to long-term growth story of the BNPL industry in the country remains strong. BNPL payment adoption is expected to grow steadily over the forecast period, recording a CAGR of 9.6% during 2024-2029. The BNPL gross merchandise value in the country will increase from US$14.66 billion in 2023 to reach US$26.60 billion by 2029.
The buy now pay later industry is projected to grow at a steady pace over the medium term in Australia. Inflation continues to drive more shoppers towards flexible payment schemes offered by BNPL providers. The trend is much higher among young generation shoppers in the Australian market. In 2024, the publisher expects more players to enter the market with their innovative products.
This will drive the competitive landscape in the sector over the next 12 months. To competition, existing providers are launching new features and services through strategic partnerships. Firms are also expected to raise venture capital and private equity funding over the medium term. Overall, a positive growth outlook is forecast for the buy now pay later industry in Australia over the next three to four years.
The adoption of buy now pay later schemes is rising among young generation Australian shoppers
With high inflation and interest rates eating into the disposable income of many across the country, the use of buy now pay later schemes has been on the surge over the last few quarters. The trend is especially growing among young generation shoppers, who are using the payment method for groceries and other essentials.
The report from the Reserve Bank of Australia revealed that 40% of shoppers, aged 18 to 39, are using the buy now pay later schemes in Australia. The report also revealed that a third of Australians, aged 18 and above, have used the payment method in the last 12 months, leading up to November 2023. While a few are using the BNPL method for luxury purchases, the majority are using it for essentials and as a vital financial management tool.
The report expects the adoption of buy now pay later solutions to increase further in the Australian market over the medium term. This will support the growth of the industry over the next three to four years.
BNPL firms are forging strategic alliances to provide targeted offers to shoppers at checkout
To provide e-commerce shoppers with more relevant offers at checkout, while targeting higher gross merchandise volume, BNPL firms are entering into strategic partnerships in the Australian market.
Innovative BNPL startups are entering the market to tap into high-growth Australian market
With robust demand for BNPL solutions and the market poised for steady growth over the next three to four years, new startups are entering the market with their innovative products in Australia.
This report provides a detailed data-centric analysis of the Buy Now Pay Later (BNPL) industry, covering market opportunities and risks across a range of retail categories. With over 75 KPIs at the country level, this report provides a comprehensive understanding of BNPL market dynamics, market size and forecast, and market share statistics.
It breaks down market opportunities by type of business model, sales channels (offline and online), and distribution models. In addition, it provides a snapshot of consumer behaviour and retail spending dynamics. KPIs in both value and volume terms help in getting an in-depth understanding of end market dynamics.
Report Scope
This report provides in-depth, data-centric analysis of Buy Now Pay Later industry in Australia through 55 tables and 71 charts. Below is a summary of key market segments:
Australia BNPL Market Size and Spending Pattern
Australia Buy Now Pay Later Revenue Analysis
Australia Buy Now Pay Later Operational KPIs & Statistics
Australia BNPL by Purpose
Australia BNPL by Business Model
Australia BNPL by Merchant Ecosystem
Australia BNPL by Distribution Model Analysis
Australia Buy Now Pay Later Market Share Analysis by Key Players
Australia BNPL Analysis by Channel
Australia Buy Now Pay Later in Retail Shopping: Market Size and Forecast
Australia Buy Now Pay Later in Home Improvement: Market Size and Forecast
Australia Buy Now Pay Later in Travel: Market Size and Forecast
Australia Buy Now Pay Later in Media and Entertainment: Market Size and Forecast
Australia Buy Now Pay Later in Services: Market Size and Forecast
Australia Buy Now Pay Later in Automotive: Market Size and Forecast
Australia Buy Now Pay Later in Healthcare and Wellness: Market Size and Forecast
Australia Buy Now Pay Later in Others: Market Size and Forecast
Australia Buy Now Pay Later Analysis by Consumer Attitude and Behaviour
Key Attributes:
Report Attribute | Details |
No. of Pages | 88 |
Forecast Period | 2024 – 2029 |
Estimated Market Value (USD) in 2024 | $16.8 Billion |
Forecasted Market Value (USD) by 2029 | $26.6 Billion |
Compound Annual Growth Rate | 9.6% |
Regions Covered | Australia |
For more information about this report visit https://www.researchandmarkets.com/r/be7k7
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