The coronavirus pandemic has been a financial rollercoaster for consumers. While some have found they have been able to save more in the past 12 months, for many, mass job losses or long-term furlough, along with an uptick in emotional spending, is placing an increasing number of people in debt.
More than half of UK adults (51%) found themselves newly in the red last year, reported online financial advisor Money, with £9,246 being the average amount owed to lenders. Reduced incomes have undoubtedly been attributed to the growth, but there are increasing concerns over the role of consumer goods services when it comes to normalising bad spending habits or even making debt trendy.
'Buy now, pay later' (BNPL) service Klarna, whose beauty partners range from Beauty Bay to Lush and Charlotte Tilbury, saw a surge in popularity during the pandemic. Now the fourth largest fintech in the world, the Swedish company reported that
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