SPENDING IN RELATION TO OTHER COUNTRIES

  • Bulgaria
    204 86%
  • Croatia
    171 72%
  • Latvia
    117 50%
  • Romania
    117 49%
  • Australia
    101 43%
  • Grand Total
    100 42%
  • Germany
    98 41%
  • Norway
    88 37%
  • Finland
    80 34%
  • Estonia
    79 33%
  • Sweden
    74 31%
  • Denmark
    69 29%

How did Corona Virus affected your employment situation?

  • I am still employed and no change in my salary
  • I am still employed but got a reduction in my salary
  • I lost my job and am currently unemployed
  • My job agreement is on pause and I receive government payment support

How did Covid-19 affect your life?

  • I canceled all my traveling plans this year
    3.8
  • Given the economic situation, I need to be careful how I spend my money
    3.8
  • I started to enjoy and appreciate more the little things
    3.7
  • I cut back on my spending
    3.4
  • Keeping in touch with friends and family helped me get through the isolation much easier
    3.4
  • I fear about another Covid-19 wave
    3.3
  • I developed new hobbies and healthy habits during this period
    3
  • My monthly income have been affected/ Lower salary
    2.6
  • My menthal health suffered during Covid-19
    2.5
  • I am concerned about losing my job
    2.5
  • My ability to work have been reduced because of Covid-19
    2.4
  • I managed to do some savings during this Covid-19 period
    2.1
  • My family and friends health have been affected by Corona Virus
    2.1

Favourite activities during Covid-19 isolation:

  • Watching TV
    15%
  • Talked to friends/ family
    13%
  • Spending time outdoors
    11%
  • Online streaming (e.g. netflix)
    10%
  • Reading books
    7%
  • Social Media - Tik Tok, Instagram
    7%
  • Playing online games
    6%
  • Working remotly 
    6%
  • Remote learning with your kids
    6%
  • Online shopping
    6%
  • Developed new hobbies (meditate, etc)
    5%
  • Social games (puzzle, monopoly..)
    4%
  • Non-gift clothing for yourself or family
    3%
  • Online fitness
    2%

Household spending forecast 2020

  • Less than last year
    66%
  • Same as last year
    26%
  • More than last year
    8%

2020 Bigger spenders

When it comes to 2020 big spenders, 86% of the monthly income will be spent during Summer in Bulgaria, followed by Croatia with 72%, Latvia 50% and Romania where only 49% of the monthly income will be spent on Summer plans. At the other end of the chart we find Nordics spending about 30% of their monthly income for the Summer activities. (Sweden 31% and Denmark 29%).

Spending less, saving more

28% of the respondents from 11 countries said they are planning to spend a maximum of 200Eur over the next 2-3 months, 12% will spend around 1300Eur, while only 9% will spend more than 2000Eur.

Respondents are planning to cover their Summer spending this year with 45% tapping into their savings, while 31% will cover them with a Ferratum Loan. 35% didn’t take a loan lately because they didn’t need money, while 25% needed financial help but they didn’t access Ferratum Loans being concerned they couldn’t pay it back. 20% mentioned they have spent less money lately being at home during isolation time.

Biggest spending during Covid-19 isolation

When asked what they spent their money on the most during past months while in isolation, more than 50% (52%) stated groceries were their main expenses, followed by home improvements (13%), clothes and shoes (12%) and personal care products (10%). People also supported local businesses and made the choice to order food from their favourite restaurants (7%).

The future is digital! Cash loses ground, online payments are increasing

Online payments are preferred by 52% of the respondents, 25% still use cash on delivery and the other 25% would choose bank transfers when ordering online. The most digitalized countries when it comes to online payments are Norway (86%), Australia (79%) followed closely by Denmark (77%). At the end of the chart we find Finland (28%) and Bulgaria (27%), Finland preferring bank transfer payment methods (52%) while Bulgarians are more traditionalists preferring cash on delivery (71%).

 

How much do you think you will spend during next 2-3 months?

  • 0-200 €
    28%
  • 201-400 €
    15%
  • 1201-1400 €
    12%
  • 401-600 €
    12%
  • 601-800 €
    7%
  • 801-1000 €
    5%
  • 1401-1600 €
    5%
  • 1001-1200 €
    3%
  • 1601-1800 €
    3%
  • 1801-2000 €
    3%
  • 2001-3000 €
    3%
  • 3000 € +
    3%

Biggest spending for the upcoming months:

  • Groceries
    23%
  • Home furnishings
    11%
  • Financing children’s needs
    10%
  • Domestic travelling
    10%
  • Gardening or DIY
    9%
  • Non-gift clothing for yourself or family
    9%
  • Clothing and fashion
    7%
  • Electronics for home
    5%
  • Social activities
    5%
  • Well-being services, spa
    3%
  • Attending events
    3%
  • Travelling abroad
    3%
  • Fitness ecquipment for home
    2%
  • Luxury products
    1%

Online vs street shopping:

  • Traditional shopping (street shopping)
  • Online shopping

When doing online shopping what payment method do you choose?

  • Online card
  • Cash payment on delivery
  • Kontanter betaling ved levering

Most money spent during isolation when doing online shopping:

  • Groceries
    52%
  • Home acquisitions
    13%
  • Clothes and shoes
    12%
  • Personal care products
    10%
  • Ordering food from restaurants
    7%
  • Toys for kids
    3%
  • Fitness or sport accessories/equipment
    2%
  • Social games such as monopoly
    1%

Canceled of delayed 2020 plans because of Covid-19:

  • International traveling
    25%
  • Buying home apparel
    20%
  • Buying a car
    15%
  • Domestic traveling
    12%
  • Buying a house/ appartment
    10%
  • Buying a smartphone
    9%
  • Buying clothes/ fashion accessories
    9%

First thing after isolation/ what was missed the most:

  • Visit my family
    18%
  • Meet with my friends
    16%
  • Restaurants/ Terraces
    10%
  • International traveling
    9%
  • Movies, theaters, concerts
    9%
  • Domestic traveling
    8%
  • Go to the seaside
    8%
  • Outdoor shopping / shopping center
    6%
  • Drinks / pubs/ clubs
    5%
  • Outdoor sport
    4%
  • Spend time in beauty salons
    4%
  • Go to the office
    3%

How are you going to finance your spending?

  • With savings
  • Partly with Ferratum Loans
  • Partly with consumer credits
  • Partly with credit cards
  • Partly with loans from other financial institutions

What's the reason you didn't take a Ferratum loan lately?

  • I didn't need money
  • I am concerned that I couldn't pay it back
  • I spent much less money lately
  • I got financial support from friends and family
  • I took a loan from other financial company

How important is for you the topic of sustainability & social responsibility:

  • Very important
  • Somehow important
  • Rather not important
  • Not at all important

Would you personally be willing to contribute into sustainability-related initiatives:

  • Most likely would
  • Most likely would not
  • Definitely would
  • Definitely not

Online vs Street shopping

68% of the respondents still prefer street shopping vs online. This is different compared to previous years, and the explanation is simple: people miss going out shopping, as the past couple of months have been in lockdown and purchasing everything online.

Over half of Swedish people prefer to continue shopping online (62%) while the majority of remaining countries continue to shop offline, once they will be allowed to do so again.

Top summer spending for 2020

Respondents from all 11 countries would spend the most money on the following three activities: groceries (23% of their budget), home furnishing (11%), financing children’s needs (10%) and domestic travel (10%).

All countries placed in the top of their main spending Groceries, only Estonia mentioned that Domestic travel will be the biggest spend (17%).

 

Top spending behaviour:

Australia
  • Groceries
    28%
  • Home furnishings
    9%
  • Gardening or DIY
    9%
  • Financing children’s needs
    9%
  • Domestic travelling
    4%
  • Spending in relation to other countries: 101 (FE group = 100)
  • Spending relative to household income: 43% (1425 €)
Bulgaria
  • Groceries
    22%
  • Financing children’s needs
    12%
  • Domestic travelling
    11%
  • Home furnishings
    10%
  • Electronics for home
    7%
  • Spending in relation to other countries: 204 (FE group = 100)
  • Spending relative to household income: 86% (715 €)
Croatia
  • Groceries
    31%
  • Financing children’s needs
    15%
  • Clothing and fashion
    11%
  • Home furnishings
    9%
  • Gardening or DIY
    8%
  • Spending in relation to other countries: 171 (FE group = 100)
  • Spending relative to household income: 72% (766 €)
Denmark
  • Groceries
    19%
  • Domestic travelling
    13%
  • Gardening or DIY
    10%
  • Social activities
    10%
  • Financing children’s needs
    9%
  • Spending in relation to other countries: 69 (FE group = 100)
  • Spending relative to household income: 29% (1075 €)
Estonia
  • Domestic travelling
    17%
  • Groceries
    14%
  • Non-gift clothing for yourself or family
    10%
  • Gardening or DIY
    10%
  • Financing children’s needs
    9%
  • Spending in relation to other countries: 79 (FE group = 100)
  • Spending relative to household income: 33% (569 €)
Finland
  • Groceries
    28%
  • Domestic travelling
    13%
  • Gardening or DIY
    12%
  • Financing children’s needs
    9%
  • Non-gift clothing for yourself or family
    8%
  • Spending in relation to other countries: 80 (FE group = 100)
  • Spending relative to household income: 34% (1219 €)
Germany
  • Groceries
    22%
  • Gardening or DIY
    12%
  • Clothing and fashion
    11%
  • Domestic travelling
    9%
  • Social activities
    9%
  • Spending in relation to other countries: 98 (FE group = 100)
  • Spending relative to household income: 41% (1131 €)
Latvia
  • Groceries
    21%
  • Home furnishings
    18%
  • Gardening or DIY
    13%
  • Financing children’s needs
    12%
  • Non-gift clothing for yourself or family
    9%
  • Spending in relation to other countries: 117 (FE group = 100)
  • Spending relative to household income: 50% (635 €)
Norway
  • Groceries
    22%
  • Domestic travelling
    15%
  • Social activities
    10%
  • Home furnishings
    8%
  • Gardening or DIY
    8%
  • Spending in relation to other countries: 88 (FE group = 100)
  • Spending relative to household income: 37% (1310 €)
Romania
  • Groceries
    23%
  • Non-gift clothing for yourself or family
    15%
  • Domestic travelling
    11%
  • Clothing and fashion
    10%
  • Home furnishings
    7%
  • Spending in relation to other countries: 117 (FE group = 100)
  • Spending relative to household income: 49% (492 €)
Sweden
  • Groceries
    24%
  • Domestic travelling
    13%
  • Social activities
    10%
  • Gardening or DIY
    9%
  • Home furnishings
    8%
  • Spending in relation to other countries: 74 (FE group = 100)
  • Spending relative to household income: 31% (1029 €)