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Over a Quarter of Consumers Are Set to Spend More This Summer Reveals Ferratum’s 10th International Barometer

LONDON–(BUSINESS WIRE)–Ferratum
Group’s Summer Barometer
™ 2019 results are announced, marking the 10th
consecutive successful survey. Over 22,000 households participated in
the biannual survey which explored summer consumer spending behaviour
across 17 countries. Data included summer activities, whether
participants would make their purchases online or through traditional
retail outlets and how does spending compare in different countries.

This year‘s results show that 28% of the respondents will spend more
money during the summer holiday season, when compared to the same period
last year, while 39% indicated they will spend as much as they did last
summer.

Surprising results in countries’ spending

Some countries have shifted dramatically when compared with previous
years. For example, Norway held the top-spender position with the
biggest amount of spending money (out of disposable household income)
allocated in 2018 at 68%. However, this year‘s results found Norway on 10th
place with only 36% of disposable household income used for the 2019
summer holiday.

“UK respondents report that they will have a drop in the amount of
summer spending from their disposable household income this year, with
only 39% of their budget allocated compared to 48.8% in 2018.

Brits are now looking to reign in their summer spending compared to last
year, possibly due to the uncertainty surrounding Brexit and leaving the
EU making people worry about the impact on European travel.”

– Tony Gundersen, UK Country Manager

Cash continues to lose favour in 2019. The future is mobile!

85% of respondents in Sweden, Denmark and Norway would choose cards over
cash, according to the survey results. However, this trend is not
limited to Scandinavia, and an overall total of more than 60% of survey
participants indicated that they prefer cards to cash this summer, up
from just over 50% in 2018.

Mobile banking services also saw an upswing: over 80% of respondents
from Sweden, Netherlands, Canada, UK, Poland and Brazil said they would
use mobile banking during this period. The survey shows more and more
markets going digital for their banking.

Online and retail shopping at a standoff

Over 35% of respondents from the UK, Spain and the Netherlands said they
would be shopping online for products and services this summer, while
Latvia and Finland will continue to stick with more traditional retail
for their summer purchases.

“The UK continues to lead the way for online purchase this summer.
Online shopping is huge in the UK, and Brits know how to utilise online
facilities and shop around to get the best summer deals.

British shoppers are moving away from the traditional highstreet, taking
advantage of mobile banking services, cashless payment systems and
online deals to make the most of their summer budgets.“

– Tony Gundersen, UK Country Manager

Top summer spending for 2019

Respondents from all 17 countries would spend the most money on the
following three activities: domestic travel (15% of their budget),
personal/family recreational activities (12%) and summer activities like
beach-going, parties and eating at restaurants (12%).

The UK’s survey respondents were the only participants to highly rate
fashion in this survey, being the sole country to list summer clothing
as a main source of spending during the summer period. Norway and
Denmark earn the world-traveller award by being the only two countries
to list travelling abroad as a top activity for summer spending.

“In the UK respondents continue to list summer clothing as their top
summer spending activity. Brits are reported to spend a lot on clothes
year round compared to their European neighbours, so this makes sense
that it’s reflected in the Barometer.

It’s interesting that UK respondents have reported a slight increase on
travelling abroad with 12% in 2019 compared to 9.8% in 2018. While on
the whole our respondents are spending less, their travel budget is
higher, as Brits are choosing to travel outside of the EU this summer.“

– Tony Gundersen, UK Country Manager

How was Ferratum Group Summer Barometer™ 2019 conducted?

• The survey was conducted by Ferratum Group who surveyed its active
customers in 17 international countries via a web survey with a
standardised questionnaire. Incomes are stated in local currencies, and
relative summer consumption is calculated by the ratio of a family’s
monthly disposable income in each country. Disposable income was
adjusted by each country, individual purchasing power parity is based on
2014 figures by The World Bank.

• Over 22,000 households participated in the survey. Respondents were
aged from 18 to over 61. 53% of participants were women. The average
available net income of participating households was between €827–3934.
The average household size among the respondents was 2.9 persons.

• In addition to demographic factors, respondents were asked about their
disposable monthly net income, how much money would be allocated for the
summer holiday, what are the main activities this summer and if they are
going to use services like Airbnb or online banking while travelling
abroad.

• All survey responses were anonymous.

ENDS

About Ferratum Group:

For more information about Ferratum please visit: https://www.ferratum.co.uk/

Contacts

Ferratum Group
Emmi Kyykkä
Business Support Manager for CEO
T:
+41 79 940 6315
E: [email protected]

Ferratum UK Ltd.
Tony Gundersen
UK Country Manager
E: [email protected]

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