1.1 Definition and presentation
Consumer credit is credit granted by a financial institution, either directly or through a dealer, to an individual acting for non-business purposes. Between 200 and 75,000 euros, it is used to finance the purchase of consumer goods (furniture, computers, cars, etc.), with the exception of real estate. There are several forms of consumer credit, and they work on two principles: on the one hand, credit can be assigned to the purchase of a specific good at the time of the contract, so this credit can only be used to pay for the good in question. On the other hand, the credit may be unrestricted, which means that the owner has the option to use the borrowed amount as he or she wishes, either to purchase a consumer good or any other service.
The global consumer credit market has been estimated at $10.7 billion in the year 2020, and is expected to reach a size of $15 billion by 2027, growing at a CAGR of 5 percent over the period.
In Italy, an increase in the overall satisfaction of consumers accessing this form of credit seems to have emerged, thanks to optimal value for money ratios. In addition, satisfaction with the loan offering is also growing, perceived by customers as broader and with more flexible products. Since the beginning of 2021, consumer credit marketing is also recovering from the inflection it suffered due to Covid-19. In particular, a strong recovery can be seen in loans aimed primarily at car and motorcycle purchases, thanks to the boost provided by eco-incentives. In addition, loans for sectors such as furniture, appliances and electronics are also expanding, which have returned to pre-crisis levels.
These types of services are provided by both banks and other financial institutions, but Italians value the performance of their banks more for these loans. However, the main providers of consumer credit services in the Italian jurisdiction are Findomestic, FCA Bank, which offers services for the purchase of FCA group vehicles, and Agos-Ducato.
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