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 — which gathered responses from U.S. consumers across genders, income levels, generations and geographic areas — 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 ten (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.

The survey tracked a similar pattern from prior years for the payment methods consumers use regularly.

Among the payment methods consumers said they used regularly, tap-to-pay ranked first at 81%, followed by digital wallets (61%) and peer-to-peer apps (60%). About a fifth (21%) of survey respondents said they used BNPL services regularly; cryptocurrency payments came in last again at only 8%, per the survey results.

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