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Ferratum Summer Barometer

Every Summer has a story. What will yours be? Check out the Ferratum Summer Barometer 2018.

Since 2014, Ferratum Group has asked its customers to share their spending habits for the summer period. The purpose of the surveys is to review our customers´ spending behaviours during the holidays, explore what types of purchases will be made, and how spending differs between countries.

The surveys also explore what our customers will do during the holidays, which country will spend the most money during this period, which customers will be using Airbnb for their accommodation, and which countries prefer online shopping versus traditional retail.

In our most extensive survey to date – with almost 22,000 respondents – we’re excited to share the results of the FERRATUM SUMMER BAROMETER 2018™.

Ferratum UK was part of the eighth holiday survey where we’re looking at Summer spending in the FERRATUM SUMMER BAROMETER 2018™.

The Biggest Ferratum International Consumer Behaviour Survey Yet

For the eighth consecutive time, Ferratum Group ran its hugely successful Summer Barometer™. Almost 22,000 households participated in the bi-annual survey which, among various things, explored what summer activities participants would be taking part in this summer, whether participants would make their purchases online or through traditional retail, and which country would spend the most this summer.

This year´s results show that 26% of respondents plan on spending more money this summer than last, while 40% said they will be spending as much as they did last summer.

Who Are The Big Spenders?

When it comes to how much of their monthly salary would be spent during summer holidays, the results show that the big spenders will be Norway (68.5%), Latvia (67%), Croatia (61.2%), and Mexico (60.3%).  While the countries whose participants will spend the least of their monthly salary during the summer are Finland (39.7%), Sweden (37.9%), Poland (14%), and Brazil (13.1%).

“In the UK respondents are planning on spending more of their disposable income this summer than they did in 2017, and are prioritising travelling abroad over the more local summer activities preferred last year. As the national living wage increases and the uncertainty around political events like Brexit lessen, UK holidaymakers are excited to make foreign holidays a key part of their summer again.“ Tony Gundersen, Ferratum Money UK Country Manager.

Cash No Longer King

Unsurprisingly, 70% of respondents in Norway and Sweden said they prefer using their card over cash. However, it isn´t only in Scandinavia where cash is no longer king; more than 50% of survey participants said they will use cards over cash this summer.

Over 60% of all survey participants said they will use mobile banking for their banking needs during their summer holidays. Looking closer, an extraordinary 80% of respondents from Sweden, Canada, Norway and Netherlands said they would use mobile banking during this period.

Online vs Offline

Approximately 30% of respondents said they would be shopping online for products and services this summer, with the UK and Spain leading the charge. Finland, Latvia and Mexico, on the other hand, will stick to traditional retail for their summer purchases.

Travelling Throughout Summer

11.3% of all survey respondents said their holiday travels would be domestic while only 8.7% of all respondents said they would be travelling abroad.

Those travelling said nearly 40% of their entire summer budget would be spent on travel – a 7% increase from last year. The countries allocating the most of their summer budget to travel are Germany (50.8%), Bulgaria (45.8%), Finland (41.1%) and Poland (40.1%).

Participants from Bulgaria, Brazil and Denmark will spend the most on foreign travel on which they will allocate 15% to 21% of their monthly income.

Respondents from Norway (99.43%) are the most willing to spend more than 100 € per night on hotels while participants in Germany (72.18%), the Czech Republic (52.03%) and Bulgaria (48.72%) will use Airbnb the most for their accommodation.

What Are Consumers Spending Their Money On?

Regarding what activities respondents will spend their summer budgets on and what percentage, domestic travel was the most popular (11.3%), followed by clothes and summer fashion (10.7%), and social activities such as beach trips, parties, and restaurants (10%).

Family recreational activities or sports – most popular in Mexico, Canada, and the Czech Republic –  came next with 9.8%, followed by social events with 9.2%. Only Latvia listed gardening and DYI at the top for their list for which they will allocate almost 16% of their income towards.

“The UK is leading the way for online purchases this summer. Brits know how to utilise online facilities and shop around to get the best deals – whether that’s flights and accommodation or summer clothes for the family.

Brits are moving away from the traditional high streets, and taking advantage of mobile banking services, cashless payment systems and online deals to make the most of their summer budgets.“ Tony Gundersen, Ferratum Money UK Country Manager

About The Ferratum Group Summer Barometer 2018 ™

• The survey was conducted by Ferratum Group who surveyed its active customers in 18 International countries via web survey with a standardised questionnaire. Incomes are stated in local currency, and relative Summer consuming 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 based on 2014 figures by The World Bank.

• Almost 22.000 households participated in the survey. Respondents were aged from 18 to over 61y. 54.4% of participants were women. The average available net income of participating households was between €603 – €2631. 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 they spend on Summer Holiday, what activities they spend their money on, and if they are gonna use Airbnb services or online banking while travelling abroad.

• The survey used each country’s respective currency. Responses were evened out to reflect the respective purchasing power of each country. All survey respondents were anonymous.

Check out the full survey here.

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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk. Representative example: APR 1270% if borrowing £400 for 4 months. Interest rate: 292% p.a. (fixed). Total amount repayable: £665.48 by four instalments of £166.37. Maximum representative APR: 1604% if full loan repaid after 7 days.