Are you more likely to buy sustainably if it’s more ‘affordable’?
Writer Sophie Benson explores the phenomenon of conscious labels adopting buy now, pay later schemes and what it means for the sustainability.
“If the sustainability option was cheaper or the same price [as non-sustainable products], I don’t think there would be a problem in changing people’s behaviour,” says fashion industry consultant Elizabeth Stiles. “There is a positive [with BNPL] to mend that warped sense of value. You maybe wouldn’t want to spend £200 on a dress that is made ethically and fairly but splitting it into four payments of £50 makes it feel more accessible.
“Because [BNPL] is so accessible and so easy, it’s very easy to trap people in. If they miss out on a payment, this is where the whole thing starts to become incredibly expensive,” says Olga Miler, co-founder of financial wellness platform Smart Purse. “What we have seen happening is people embarking on multiple BNPL schemes and then starting to struggle with the organisation of it all.
“I start to see a problem when brands start using these mechanisms to push more stuff onto people. By default, responsible, sustainable fashion brands shouldn’t be doing that,” says Miler.has suggested that retailers typically see a 68% increase in average order value with Klarna Instalments, and a 20% increase in purchase frequency for customers shopping with Klarna Pay in 30 Days.
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