A survey carried out in 10 countries, by Cofidis Business Solutions and Harris Interactive, confirms the enthusiasm of European consumers for payment facilities.
France is the country in Europe where split payment is most attractive. This is what emerges from the pan-European survey by Cofidis Business Solutions (B2B activities of Cofidis), carried out in partnership with Harris Interactive, on payment facilities. Another strong lesson: if Europeans have changed their purchasing habits over the last 3 years and are oriented towards payment facilities, inflation is not the main reason. The investigation reveals that “the use of payment facilities by consumers is a change in payment habits that is truly structural, and not cyclical. In the economic context and the tension on budgets linked to inflation, it is the simplicity of the solutions that most appeals to consumers, all countries combined”underlines Arnaud Le Gall, director of partnerships at Cofidis Business Solutions.
The constraint of inflation
More than 9 out of 10 Europeans pay attention to the prices of the products they buy and almost 9 out of 10 also think a lot before buying. 80% say they only buy what they need. In a context of strong price pressures, 7 out of 10 Europeans (73%) reveal that they have reduced their spending specifically because of inflation. It is in Portugal, southern Italy and even Poland that consumers say they are under more pressure.
Changes in payment habits
In this context, 45% of European consumers say they have changed their payment habits over the last 3 years and, 36% of them, in favor of using payment facilities. This is more the case in France, with 47% of consumers saying this. A much more marked trend among 18-34 year olds (nearly 60%), whether in France or in other countries. The democratization of easy payment tools is the very first reason given by Europeans to explain this change (41%), particularly in Spain, Portugal and Poland. Next comes the drop in purchasing power for 36% (particularly in France for 54%) then, for almost 20%, the fact that these payment tools were offered to them at the time of purchase.
Popular payment facilities
If the use of the payment facility is obvious for a third of Europeans, France stands out for the use of split payment for its practicality.
Generally speaking, the use of facilities mainly concerns the purchase of household appliances (49%), tech and high tech products (43%), and products related to home improvement (35%).
These payment facilities are more often offered to European consumers on the Internet than in stores. Moreover, more than two-thirds of Europeans say they have been informed of the different payment solutions available when shopping online compared to 50% in stores. However, in practice, the uses are similar: one in 3 Europeans has used payment facilities when making in-store purchases, and the same for their online purchases.
The three most popular payment solutions are:
. Deferred payment for an average amount of €684. This tool is considered practical, quick and simple by almost half of them. Overall, 34% of European consumers use deferred payment when making a purchase on the Internet;
. Payment in 3 or 4 installments for an average amount of €734 (in France, the average amount is €516). This solution seen as a way of reducing spending by 55% of European consumers who use it. French consumers who use it stand out compared to the average of European consumers surveyed: almost 3/4 emphasize its practicality (73%) or its simplicity (69%) and 70% see it as a way to preserve their savings, or to move upmarket (67%);
. The credit for an average amount of €1,135 (in France: €763). It appears to be a good solution to move upmarket or to face higher prices for almost half of those who use it.
Payment by credit card predominates
Although payment by credit card in stores or on the internet is most frequently requested, there are still significant differences in usage depending on the country.
In stores, nearly 9 out of 10 Europeans generally use their bank card as a means of payment. In France, 94% of consumers use it to pay for their purchases. The use of cash is still relatively common for 3/4 of Europeans in stores, but only a quarter say they actually use it often (a figure driven up by German consumers, 50% of whom often pay in cash). The use of smartphones appeals to 46% of Europeans, particularly in Sweden and Denmark with Swish and Mobile-Pay, while electronic wallets seem to be starting to become more popular with 43% of Europeans using them.
On the Internet, bank cards remain in the majority: 8 out of 10 Europeans (more than 90% among French, Spanish and Danish consumers). Next comes the transfer made directly from the buyer’s bank account: an option favored by 66% of European consumers (in particular the Dutch at 86% with IDeal, and the Poles at 87%). The electronic wallet, on the other hand, appeals more to consumers when shopping on the Internet than in stores, with 64% of Europeans saying they use it (particularly in Germany, while the French and Belgians seem to be less followers than their neighbors). Finally, Europeans’ appetite for payment by QR code still remains timid (33%).
Even more flexibility
49% of Europeans who have changed their payment habits plan to continue, particularly in France (55%). In fact, offering payment facilities in your business is considered a real argument and a commercial advantage, especially since 78% of Europeans say they always frequent the same brands/websites out of habit and, among them, 86% of French people. . Not offering payment facilities can lead, among 45% of European consumers, to behavior that is not favorable to merchants: 20% in this case ultimately buy a cheaper product; 13% abandon their shopping cart (20% of German consumers); 12% change brands. Tomorrow, consumers will tend towards greater freedom and flexibility in their uses and in the choice of payment facilities that will be offered to them. For example, 55% of European consumers would be interested in an application supporting them during their purchase, by offering them, at the time of payment, all possible facilities (accounting, in several installments, deferred, etc.), so as to no longer be dependent on what traders offer. Those under 35 are the most interested (67%). The enthusiasm is particularly marked in Italy (70%).
Methodology
9,872 interviews carried out online, in 10 European countries, between February 28 and March 8, 2024.
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