Black Friday: a boom in loan applications

During Black Friday, Europen made massive use of financing: applications in this period grew by 30.93 percent compared to the end of October and by 25.94 percent compared to a year ago. Meanwhile, the use of the digital channel has almost doubled.
Black Friday, a typical American commercial event, has also become very familiar to us: the shops offer unusual discounts, and consumers are encouraged to immediately open the Christmas shopping season.
Few people know that many, taking advantage of the current favorable moment characterized by low-interest rates, finance themselves in this period by resorting to loans. This is what emerges from the special edition of the ‘ Credit Report – Trend & Insights’, dedicated by Experian to purchases made in the country during the week of Black Friday (which traditionally coincides with the fourth Friday in November). In addition to the boom in requests, the research confirms the massive use of the digital channel to obtain funding.
Loan applications increased by 30.93%
In this period the streets become fascinating: the lights are turned on, the music invades the streets and tempting offers follow one another in the shops, which generate a growing interest from consumers.
The data collected these days are important because they allow us to draw up an initial assessment of the health of shopping (and in general of the economy of a country). The experts analyzed the loan requests, comparing them with the fourth week of October and with that of November 2020: a clear recovery picture emerges compared to a year ago, with loan requests increasing by 30.93% during the year. ‘last week of November compared to the last of October and 25.94% compared to last year’s Black Friday.

The use of the digital channel has almost doubled
Among the salient points of the research is the fact that the use of digital tools to access credit has almost doubled. Compared to October 2021, the value has increased by 97.60% and since November 2020 it has grown by 25.21%. It should be noted that generation Y and generation Z lead the ranking of loan applications, with a combined value of 37% for the entire month of November, rising to 45% in the case of digital applications.
For almost all the generational categories, however, the average amount of requests in the week of Black Friday exceeds the total amount of the previous three weeks, with a figure that includes both the finalized loan and that of a personal nature.
At the heart of shopping is electronics
As is tradition, since the explosion of consumer electronics, it is precisely this market segment that continues to attract a large part of consumers’ interest in purchasing: in first position mobile phones (36.9%), followed at a distance from household appliances (17.2%), from home accessories (9.3%) and furnishings (5.3%).
According to the study, the requested loans, personal and finalized, during Black Friday also increase in terms of the amount, in particular: for the finalized loan it is an increase of 7.5% compared to the other weeks of October, going from 9178, 6 to 9866 euros. The personal loan is increased by 4.3% compared to the other weeks of October, with a variation from 10,860.6 to 11,331.3 euros.

Comments are closed