The end of buy now, pay later provider Laybuy is being described as sad by experts.

The company has been put into receivership and services have been suspended. 

Retail NZ Chief Executive Carolyn Young says the sector has been impacted by decreased spending and reduced consumer confidence.

"We are in a really difficult environment in terms of retail... people just don't have the money in their wallets, and they're not prepared, cause they're buying on credit."

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