Number of Consumer Loans Will Increase In 2019, According To Banking Association

The prognosis consumer credit index 2019 of the Bankenfachverband eV shows interesting details around the loans for consumption purposes . The figures published in March 2019 show that consumer borrowing is expected to increase this year. The purchase of furniture, kitchens, household electronics and other purchases are particularly high on the list. Consumers can read the summary of the details of the forecast below.

What is the consumer credit index?

What is the consumer credit index? Not every consumer knows the consumption credit index. For this reason, the explanation of this forecast is initially the focus. This instrument is used to estimate the credit readiness of private individuals in Germany. In detail, it is about the willingness to buy consumer goods within the next 12 months and to finance them through loans . To this end, the survey of 1,968 people in Germany was carried out according to sociodemographic specifications via the household panel of the Gesellschaft für Konsumforschung (GfK) . Respondents aged 18 to 69 had to answer the questions between January 21 and February 20 this year. This was a representative selection by state , size , age and occupation . According to the Bundesbank Association, the acquisition categories include cars, consumer electronics, large household appliances, furniture, kitchens and other acquisitions .

The results of the consumer credit index 2019

 The results of the consumer credit index 2019 The calculation of the credit index yields a value at the end. This can then be classified as follows:

  • Values ​​below 75 show declining credit usage compared to 2018.
  • Values ​​from 75 to 125 mean stable credit usage.
  • Values ​​over 125 indicate an increasing use of credit.

The value calculated by the Bundesbank Association for the Consumer Loans Index 2019 is 135. Thus, it can be seen that German consumers will in all probability take on more loans for the purchase of consumer goods in this calendar year. A stable purchase planning and an increasing financing planning provided accordingly. The acquisition planning has a value of 95 after a figure of 98 in the previous year. On the other hand, financing planning increased from 113 in 2018 to 141.

Furniture, kitchens and consumer electronics are very popular

Furniture, kitchens and consumer electronics are very popular

Interesting when looking at the Consumer Credit Index 2019 are the results of the individual consumer goods groups. Apparently, German consumers are deliberately planning to buy certain goods. For example, furniture and kitchens seem to be in high demand in 2019. The index value here reaches a whopping 154, so the number of lending-financed purchases of furniture and kitchens in Germany is continuing to pick up this year. The same applies to consumer electronics. Because the value is here at 147 points. These two key figures for the consumer credit index 2019 of Ipsos, GfK and the banking association are only surpassed by the value of other acquisitions. Because this is a whopping 200.

On the other hand, it looks different when it comes to car purchases and the acquisition of large household appliances. According to the forecast, borrowing here is lower than in the past two years. According to the study, the values ​​are 80 (cars) and 87 (large household appliances).

In summary, it can therefore be said that in 2019 an increasing number of consumer loans for furniture, kitchens, consumer electronics and other purchases can be expected. On the other hand, it is expected that the consumption of cars and home appliances will increase.

The connection with the mini loans

The connection with the mini loans

An interesting question with regard to the forecast is the connection between the mini loans and the consumer credit index 2019. In principle, the increasing willingness of German consumers to lend should ensure that the take-up could also increase for mini loans. For example, according to the index, the number of financing for consumer electronics is expected to increase. If a consumer lacks only a small amount to buy, it can certainly be used for a short-term small loan. With such a, in comparison to the credit line quite cheaper mini loan can be financed so sometimes a small missing amount until the next or after next salary.

Especially people who only need a small contribution to finance are likely to be more likely to resort to a mini loan . After all, financing via microcredit in Germany and Austria is the easiest option. Because the application is online within a few minutes. Just as fast is sometimes the payment of the amount. In addition, there are flexible loan periods. On the other hand, it can even be expected that the increased number of mini-credit providers in Germany will ensure that the number of lenders for smaller purchases will even increase.