Consumer confidence is stable, but the focus is shifting to saving rather than spending, meaning now is the perfect time to offer finance to your customers.
Ever since the major lockdown restrictions ended and UK retail opened up again, we at Ideal4Finance have been suggesting that one of the legacies of Covid-19 is that consumers might be reluctant to splurge large amounts of cash in one go.
The continued uncertainty over the pandemic means that even those able to build up their savings during lockdown are unwilling to splash that cash, preferring to keep it safe as a buffer for whatever the future may hold.
This has been backed up by the latest study by consumer behaviour thinktank, GfK, who gather up-to-the-minute intelligence on consumer confidence and elements of buyer behaviour. In its latest Consumer Confidence Index, published in August, GfK found that consumer confidence was returning to pre-pandemic levels, in terms of personal finance and also the general economic outlook.
UK consumers are more likely to make major purchases than they were this time last year, but they are also more inclined to save their money. This all adds up to now being the perfect time to introduce flexible payments to your business.
A customer finance facility from us allows your customers to buy what they want without denting their savings. Unsure of what the future holds and reluctant to part with all their cash in one go, consumers feel much more comfortable with a payment plan which offers manageable monthly payments.
Our finance solutions are quick and easy to set up and will enable you to offer finance to your customers within weeks. We take care of FCA registration and all the paperwork, leaving you free to run your business.
Being able to offer finance helps you to sell more and also to attract new customers, who might otherwise choose to use your competitors.