16 STATE OF THE MAJORS 2026 Continued on page 18 Buy now, pay later, or BNPL, is the modern-day version of layaway, with companies like Klarna, Affirm, and AfterPay offering customers the option to pay in installments. Online shoppers can utilize BNPL at Kay Jewelers, Zales, and Pandora, as well as at independent jewelers like Ylang 23 and Lux Bond & Green. While Bellman’s Jewelers does offer Affirm, Bellman says he hasn’t seen a big uptick in people using the service. In fact, he notes that the store has seen a huge decrease in customers using financing since lab-grown diamonds have become popular. “Most of my friends and myself, we just went into credit card debt. That’s why I’m an elder millennial,” Bellman jokes. About 45 percent of 18 to 39 year olds planned to use BNPL services for the holidays, noted Bliss. While Boyle has only used a BNPL service once, Inge has used them often. “Honestly, [I use it] for everything. Usually around the $50 amount, I can kind of convince myself it makes sense to split this up into four payments,” Inge says. “It’s little, small amounts, but it feels better that it didn’t all come out of my account at the same time.” More than one-quarter of U.S. consumers have used short-term installment loans to finance purchases, according to an April 2025 survey by Morgan Stanley AlphaWise. Younger consumers have the highest adoption rate, as per the survey, including those ages 16 to 24 (41 percent) and ages 25 to 34 (39 percent). They are less popular among older shoppers. Only 12 percent of those ages 55 to 64 and 11 percent of those 65 and older have used short- term installment loans, according to the survey. Interestingly, the survey showed that short- term installment loans are most popular with high-income households, with 38 percent of BNPL shoppers having an annual income be- tween $100,000 and $150,000 per year. Of those who make between $25,000 to $50,000, around 27 percent use BNPL. The average loan balance is $760, said the survey. While one might assume these loans are for splurges, like travel or tickets, many consumers use BNPL for everyday purchases rather than one-offs, it said. The three most popular categories are clothing and footwear, electronics, and groceries. “We do not yet think BNPL poses a risk that consumers have taken on too much debt, but we are wary of increased usage in the future, consid- ering the current lack of reporting as well as greater usage among younger consumers,” James Faucette, head of Morgan Stanley’s U.S. Fintech and Payments Research Team, said in a press release about the survey. location in Boston to profitability using only TikTok and no other advertising. Direct sales via the TikTok Shop, however, have proved to be a challenge. He listed a pair of diamond studs on the TikTok Shop, just to get a sense of how it worked. The process was an “absolute nightmare” that took a handful of days once all the origin info was inputted, he says. The fact that the item he was selling wasn’t mass-produced like many of the consumer goods available there made it even more difficult, he says. Still, Bellman encour- ages fellow jewelers to hop aboard the TikTok train, even if the TikTok Shop may not be quite ready for fine jewelry sellers. “I think if an indepen- dent jeweler wants to use TikTok, they should use it to talk about what makes them different. Going on and talking about a tennis bracelet that anybody can buy at any jewelry store really isn’t a great idea,” he says. “It’s such an incredible driver of business for a small business. There’s just nothing like it.” THE STATE OF DIAMONDS JEWELRY DESIGN COLORED STONES “I think if an independent jeweler wants to use TikTok, they should use it to talk about what makes them different.” —ALEX BELLMAN, BELLMAN'S JEWELERS Buy now, pay later remains a popular choice for shoppers. 5 “It’s little, small amounts, but it feels better that it didn’t all come out of my account at the same time.” —JAYDEN INGE, HENNE JEWELERS RETAIL
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