Rising funding costs and a range of customer choices are creating a difficult environment for the buy now, pay later sector, say insolvency specialists McGrathNicol.
Buy now, pay later providers and retailers that benefited from a shift in consumer spending during lockdowns are set to feel the squeeze of falling confidence and expenditure, according to McGrathNicol.– reckons COVID-19 conditions, with super-low interest rates and consumers often unable to spend on travel and going out, created an ideal environment for some retailers and BNPL players.
“You have to build this engine, and to make that work you need a book of a certain size,” Mr Preston said. “We saw the shift over the last 12 months because of the conflict. I think people have seen companies pull out of Russia, or sanctions impact their business, their supply chain, it has become real,” Mr Fehon said.
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