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Retail Industry News

37% of consumers take out loans to fund their summer spending, Ferratum reveals


The Summer Barometer from Ferratum reveals that over a third (37%) of UK consumers will take out a loan to fund their summer spending this year.

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37% of consumers take out loans to fund their summer spending, Ferratum reveals


"Surprisingly, more of consumers summer spend is going on social activities than an actual holiday, showing a shift in priority for UK holidaymakers."
Tony Gundersen, UK Country Manager for Ferratum



The research also reveals that an additional 11% of British holidaymakers will be using credit cards to supplement their summer holiday spending.  Whilst 60% of these borrowers are making these repayments within six months, one in 12 (8%) will take over six months to pay organisations back.

 

Other findings include:

  • 1 in 3 UK consumers (32%) intend to spend more than they did last summer
  • 42% of Brits’ budgets, including the value of a loan, will go on social events, such as weddings, festivals and parties
  • Fashion is also a priority, with 36% of summer budgets going on summer clothing
  • Only 1 in 3 UK consumers will use household disposable income to fund summer activities, far below the European average of 54%

 

The research demonstrates that, on average, UK consumers will spend less of their summer finances on travelling than on social activities (34%), either at home or abroad.

 

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