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The most credit-loving Europeans
According to estimates by Dresdner-Cetelem Kreditbank, credit volume in Germany increased by 1.2 percent, to 226.8 billion euros, in 2009. At first glance, this seems like a modest increase, but apart from Germany, the only markets that showed any positive development were Portugal and Hungary. Overall, Europe had to cope with a reduction in credit volume of two percent last year.
"The crisis generally had a negative impact on the image of creditscount on the fact that so many customers would be interested in the product, says Anja Welsch of Dresdner-Cetelem Kreditbank. The main problem, however, lies in the fact that Europeans are becoming increasingly cautious about purchasing. "In this pessimistic environment, Germany is seeing some pleasingly positive results." On average, every German household took out 5,659 euros in consumer credit; Germany thus ranks first place and holds 40 percent of the entire European market. In Europe, the current household average is currently 4,552 euros.
And what will happen after the crisis? Nearly two thirds of Europeans want to save more; in Germany, this figure is closer to half. This is the conclusion reached by Dresdner-Cetelem Kreditbank"s "Europa Konsumbarometer" (European Consumption Barometer) this year. When it comes to making a purchase, for most of the consumers surveyed, quality (87 percent) is almost as important as the price (96 percent); buyers" environmental conscience also plays a role. Product presentation and diversity now tend to take a back seat. And the result? Discounters will capture additional segments and target groups.
Used goods retailers are also becoming increasingly important, as demonstrated by eBay"s good results, among other things. The online auction house managed to garner approximately one quarter more turnover from its "marketplace" during the first quarter of 2010 than it did in the same time period last year.
Used cars are in particularly high demand among Europeans: Approximately two thirds of those surveyed by Dresdner-Cetelem Kreditbank had purchased a used car at some point. According to the study, these purchases, like so many other products, will increasingly be financed online in the future. Because the pervasiveness of the Internet continues to grow and many web shop purchases can already be directly financed by credit, a third of today"s consumers are prepared to purchase financial products online; in Germany, that number is about one quarter.
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