Nearly 6 out of 10 French people use payment facilities for their purchases or manage their budget
Payment facilities have taken several forms in recent years – split or deferred payment, consumer credit or revolving credit, etc. – and meet different uses. For 28% of respondents, payment facilities are a way to spread their expenses, although they could do without them, while for 18% of cases they are used on an ad hoc basis, to meet higher expenses.
PAYMENT IN SEVERAL INSTALLMENTS WITHOUT CHARGE IS THE SOLUTION THAT AROUSES THE MOST INTEREST OF THE FRENCH
Among the various payment facilities offered by merchants, payment in installments without fees is the one that is most used by the French. 56% have used it and 27% in the last 6 months. They consider it interesting to use it for purchases below 150 euros with an average spread of four months.
Consumer credit is second. It was used by 36% of French people who use it more for purchases of more than 600 euros (30%) and prefer a longer repayment period of at least twelve months.
Then comes the payment in installments with fees (31%), deferred payment (29%), revolving credit (26%).
58% OF THE FRENCH CONSIDER THAT THE PAYMENT FACILITIES ALLOW TO BUY PRODUCTS OF BETTER QUALITY
Although payment facilities allow for better management of unexpected expenses according to 65% of respondents, they are also a solution to finance better quality products for nearly 6 out of 10 French people. 28% of respondents also consider that it is a way to spread out one’s expenses but that they could do without it, demonstrating that the use of payment facilities brings budgetary comfort.
Payment facilities are mainly used to finance electronic products (28%), household appliances (23%), but also clothing and furniture (20% in both cases). These purchases often represent substantial amounts. The French explain that these payment methods allow them to organize their budget more flexibly.
NEVERTHELESS, THE FRENCH USE ALTERNATIVE STRATEGIES TO FINANCE MAJOR EXPENDITURES
Savings are one of them, with 71% of French people saying they save several months in advance before making a major expense… But this option is less and less used for their projects (-5 pts). The current consumption difficulties encourage the French to mobilize their savings for other expenses: more than two thirds admit that they are more inclined to use their savings for unforeseen expenses than to finance their projects (68%).
The Sofinscope barometer shows that payment facilities are popular with the French because they allow them to manage their budget and gain comfort when they have to finance a project. As part of this expansion, our role is to ensure consumer protection and creditworthiness by further strengthening the checks before any funding agreement.
Any total or partial publication must use the following statement: “Sofinscope – OpinionWay Barometer for Sofinco”.
Contact Presse Sofinco
Claire Garcia Head of Press Relations
presse@ca-cf.fr +33 (0)1 87 38 11 81 / +33 (0)6 80 41 17 77
About SofinscopeSofinscope is the barometer of Sofinco, a brand of Crédit Agricole Consumer Finance. Intended to survey the French on their consumption habits and to better understand them, this barometer which is part of the daily lives of the French is carried out by OpinionWay for Sofinco, with representative samples of the French population. This study was conducted on a sample of 1,019 people, representative of the French population aged 18 and over. The sample was selected according to the quota method, taking into account the criteria of sex, age, socio-occupational category, agglomeration category and region of residence. The interviews were conducted from 17 to 18 April 2024 by self-administered online questionnaire on a CAWI (Computer Assisted Web Interview) system. All the results are available online on the Sofinscope website: Sofinco’s Consumer and Daily Barometer