Younger shoppers favor buy now, pay later loans more than their older counterparts, but BNPL companies draw consumers across income brackets, a survey finds.

The survey by the ETA and TSG suggests that consumers’ perceptions of BNPL payments vary by generation and income level.

When asked how they felt about their BNPL purchases over the past few months, about four in 10 (37%) of consumers across income levels and generations viewed BNPL services favorably, compared to 36% with an unfavorable view.

While 47% of millennials viewed BNPL payments favorably, 39% of Gen Zers, 38% of Gen Xers and 24% of baby boomers said the same. Meanwhile, about a third (35%) of low-income and high-income consumers like BNPL payments, compared to 40% of middle-income consumers who prefer the payment method, the survey found.

The survey also shed light on which new payment methods consumers have tried over the 12 months.

At the top of the list was tap-to-pay at 53%, followed by digital wallets (31%) and peer-to-peer apps (28%). By contrast, only 9% said they had tried BNPL in the past year, and cryptocurrencies were lowest at 3% during that same period, the survey found.

“Convenience and familiarity are converting trial into repeat behavior more effectively than novelty alone,” the report said. “Once consumers try tap-to-pay, digital wallets, and P2P apps, a large share continue using them; driving the first successful transaction remains an important adoption lever.”

Along with TSG’s and the Electronic Transactions Association’s findings, other surveys suggest that consumers perceive BNPL services as a tool for spreading out their payments.

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