Consumers are increasingly turning to credit to fund major purchases, data suggests.
More consumers are applying for credit and borrowing more, particularly from November onwards. Credit provided at Snap Finance more than doubled in two years during November.
The company – which has Bensons for Beds, Simba Sleep, Sofa Club, Flooring Superstore as customers, along with Euronics and Euro Car Parts – says credit applications jumped by a quarter in November and December, and were 70% higher than in 2023. November say Snap’s highest number of monthly credit applications in three years.
The festive period saw a 9% increase in the average amount of funding provided to individual customers. The total amount of credit was 104% higher than the same period in 2023.
‘Our latest data highlights that consumers have a growing appetite for retail finance options as they plan their festive spending,’ says Andy Smith, Snap ceo.
