- Convenience, a wide selection, guaranteed return of goods and the speed of digital transactions convinced Poles to make deferred payments online. CRIF's analysis shows that 40% of people used BNPL in 2022. customers of online stores, and a year ago it was already 73%. However, the number of loans, which in 2022 accounted for as much as 60 percent. of all liabilities serviced by CRIF, in 2023 decreased to 27%.
- The average amount of loans taken out also apparently decreased from PLN 3,840 in 2022 to PLN 3,400 in 2023. The average amount of BNPL liabilities increased from PLN 295 to PLN 355. According to CRIF data, the average value of all liabilities in the BNPL sector is an increase year-on-year. from 11 to 22 percent, and in the loan sector a decrease from 89 to 78 percent.
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– Consumers take out fewer loan obligations because they are able to finance their immediate needs with deferred payments. However, they still use loans for larger amounts to cover purchases of slightly more expensive goods. However, in the context of retail and e-commerce, it is important whether buyers repay their obligations. This varies – in the 12% group. BNPL users who are late with repayment as much as 73%. consumers have a delay of more than 91 days. These receivables are very difficult to recover and in many cases the support of debt collection companies may be necessary – says Kamil Gosławski, Key Account Manager at CRIF.
Young people buy the most and pay later, older generations prefer loans
Deferred payments are most often used by people aged 25-34 – as many as 67%. consumers, but the high popularity of BNPL also remains in other age groups, up to 54 years of age. The opposite trend occurs in loans. Older people (over 65 years of age) in 76 percent are more willing to take out loans, and among 25-34-year-olds it is only 25 percent. share of liabilities. However, younger customers buy the most – as much as 34%. people aged 25-34 have at least 6 obligations.
– At a younger age, the scale of needs is usually greater and the purchasing maturity is lower, which means that such people have more obligations. Deferred payments in installments are also a way to obtain goods that young people probably cannot afford with a one-time payment. Moreover, for this age group, the most important thing is the speed and simplicity of online shopping. This method of financing, especially BNPL, is offered by most sellers – comments Kamil Gosławski from CRIF.
Loyal as a Pole
We like to borrow from a reliable source and we value it more and more. CRIF data shows that in 2023, 67 percent lending and BNPL customers used the services of only one company. That's 37 percent. more than in 2022, when 30% had liabilities in only one company. customers.
– Customers who once take advantage of financing opportunities in one company are happy to return to it. They value tested solutions and are rather reluctant to look for new ones on the market. Using a proven company is easier – the procedures are known, there is an active account and you generally know what to expect. At the end of the day, the choice is actually similar, because the offers of loan companies are not radically different from each other, and the financing costs are also similar. When you acquire a customer, it is worth taking care of him, because he will certainly repay you with his loyalty in the future, says Kamil Gosławski.
This is confirmed by the share of new customers using the services of a given company for the first time. In the case of BNPL, high growth occurred in 2022 (71%) and in 2023 it decreased to 53%. Customers who have already chosen the company as a provider of deferred payments are not looking for new solutions. The opposite is true in the lending sector. The increase in the share of new customers jumped from 29 to 47 percent. y/y
– This may be dictated by refusals when the client applies for a loan. It is more difficult to obtain financing for higher amounts, so consumers look for another company, especially if they have something on their conscience, e.g. timely repayments. In the case of BNPL, this is not so clear due to lower amounts of liabilities and the lack of such stringent requirements regarding the history or financial condition of the consumer – adds the expert.
