Consumers have been resilient so far despite persistently high inflation. Klarna's CEO says that may not be the case for long.
"People's savings have come down, and their credit card debt has come up again," Siemiatkowski told Yahoo Finance at its Invest conference on Tuesday. "They are starting to cut back on some discretionary spending. It is definitely a difference."
And despite the twin challenges of consumers reducing spending and rising interest rates, Siemiatkowski said business at Klarna remains strong. Dan Dolev, a senior analyst at Mizuho, says he is “very bullish” on the future of the BNPL industry. He has a buy rating on Affirm -Canadian market participants expect the Bank of Canada to start cutting its key policy rate from a 22-year high of 5.00% in April 2024, a month later than the previous forecast, according to a survey released by the central bank on Monday. The survey showed a median of 27 financial participants expect interest rates to drop to 4.
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