The evolution of deferred payment formula in shops it had already been experiencing a growing trend in Spain for a few years. However, with the Covid-19 pandemic and the rise of electronic commerce, payment in installments has accelerated, confirming the impact of the health crisis on the purchasing habits of Spanish consumers.
55%. That is what purchases through deferred payment have increased at the beginning of this year compared to the same period 2020, when the pandemic had not yet occurred. Furthermore, there has also been a growth in the number of clients by more than 20% between both periods, an indicator that new buyers are joining this payment trend, according to the data collected through Oney, which has carried out a comparative analysis between the format of purchases made in January 2020, when in Spain it still had not Covid-19 was expanded, compared to the same period in 2021, that is, in the middle of the third wave of the pandemic.
The purchase terms preferred by consumers in Spain are three, four and six months. And it is that, the payment in installments is a "purchase formula that is allowing the Spanish consumer new forms of relationship with their finances to face a situation of uncertainty like the current one and offers businesses a simple and fast payment alternative adapted to the circumstances to be able to adapt to the needs and preferences of their customers in each purchase ", they point out.
In addition, the growing trend of deferred payment brings the Spanish retail to the figures that this type of purchase has in central European countries where it already represents between 6% and 10% of total payments in shops, compared to slightly less than 1% in our country.
And online commerce leads the momentum of this purchase formula. "While the period of confinement was an unprecedented turning point for the increase in online purchases, with these new data we detect the full consolidation of this trend ", they explain, putting the growth in January 2021 of online purchases in Spain at 19%. The greatest demand has been in establishments related to sports and fitness and those of technology, which confirms the boom in these sectors since the pandemic began and consolidates this trend that emerged during the period of confinement.
"Without a doubt, 2020 and the impact of the health crisis on consumer purchasing habits has accelerated the process and the data we have shows us that the trend has become a habit and that deferred payment is already part of the way in which Spaniards deal with their purchases, "they say.