Market study 2020: credit usage remains stable / online deals are growing / financing supports private consumption (PHOTO) Berlin (ots) – every third consumer household uses financing to pay for consumer goods. According to a study commissioned by the banking association, this proportion has remained constant even in times of corona. BFACH Managing Director Jens Loa says: “The importance of financing options and their stabilizing effect on private consumption and economic development are particularly evident in the current Corona crisis.”
Growing importance of consumer finance
According to the study, two thirds of all commercially financed purchases would not have been made without the option of paying in installments. Ten years ago, the proportion of otherwise unsold financing goods was still half. “The importance of alternative payment options has increased significantly,” explains Loa. More than 70 percent of financing users actively request installment payments. The main reason for using consumer finance through installment loans is still the purchase of a car. Used cars account for 30 percent and new cars for 29 percent of the purposes, followed by furniture and kitchens, entertainment electronics and large household appliances.
More online loan closings
Every third installment loan comes from the Internet, for example via an online application. There has been significant growth in financing that is not only applied for online, but also concluded, i.e. via remote identification and electronic signature. The proportion of pure online loans has risen from one percent in the previous year to four percent today. “There is still room for improvement,” said Loa. The banking association has long been campaigning for legal relief to enable consumer-friendly digital loans. From the perspective of the association, the current measures to combat the coronavirus pandemic underline the need for simple digital financial statements, including for financing.
Investments
Market study consumer and vehicle financing 2020 https://ssl.bfach.de/media/file/38311.pdf (https://ssl.bfach.de/media/file/38311 .Marktstudie_2020_Consumption-Vehicle-Financing_BFACH.pdf)
Infographic: What are installment loans for? https://ssl.bfach.de/media/file/38401.jpg (https://ssl.bfach.de/media/file/38401.Infografik_Kreditnutzung_2020_BFACH.jpg)
Text version of the press release: https://ssl.bfach.de/media/file/38391.docx (https://ssl.bfach.de/media/file/38391.PI_Marktstudie_2020.docx)
The banking association (BFACH) represents the interests of the credit banks in Germany. Its members are experts in the financing of consumer and capital goods such as motor vehicles of all kinds. The credit banks have lent more than 170 billion euros to consumers and companies, thereby promoting the economy and the economy. BFACH has carried out the consumer and vehicle financing market study on an annual basis since 2008. To this end, the market research company Ipsos asked more than 1,900 consumer households in the GfK financial market panel about their financing habits, attitudes and intentions. The current study was carried out in July 2020 and includes all funding that was used at that time.
Press contact:
Bankenfachverband Stephan Moll, Head of Market and PR Tel. 030 2462596-14 mailto: [email protected]
Other material: http://presseportal.de/pm/62178/4753487
OTS: Bankenfachverband eV
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