It has caused to the crisis significant changes in the attitude of the consumers with respect to the money and its habits of cost?
- The consumers show more interest in maintaining the control on their expenses
- The conclusions of study the Pan-European Europe Visa on the attitude of the consumers include the implications that derive for the financial organizations and European services of payment
Madrid
Europe visa has presented/displayed today its last Pan-European study on the attitude of the consumers with respect to the money and its habits of cost whose main conclusion is that the economic crisis has not caused to significant changes in the attitude of the consumers with respect to the money and its habits of cost
In terms of confidence of the consumers, levels of saving and request of loans of the families, the report indicates that, after some fluctuations very accused, some of the indicating ones nail are returning to their historically normal parameters.
During the crisis Europe Visa it has registered a growth sustained as a result of the displacement of the cash by debit cards and, in the last months, a rise has taken place more accusing of the anticipated thing of the cost by transactions in commerce. The growth of the cost with cards Visa in Europe was of 9% during the period that goes of March of 2009 to March of 2010, reaching a total of 916,800 million Euros. In Spain, the cost of the consumers with cards Visa in commerce grew a 6% in the first trimester of 2010.
Still it is to verify which will be the long term effects of this crisis in several markets of the south of Europe and those of the strict imposed measures of austerity in some European states.
What says people?
The report confirms that, for many European consumers, the debit cards have become the “new cash�. These consumers perceive that its card of debit shares many of the attributes of the cash and can replace it in the majority of the aspects. In Spain, for example, the consumers think that the effective joint party with debit cards the following attributes: speed, less problems, habit of use, portability and security.People generally think that the economic situation of its country would improve during this year, but they were more cautious when thinking on its own financial situation and with few intentions to realize important payments.
Payments with Visa
Between the first trimester of the 2009 and first trimester of 2010, the number of emitted cards Visa in Europe grew a 6.8%, surpassing 399 million, and the cost in commerce grew a 8.9% until a total of 916,800 million Euros.In Europe during that same period of time, the number of transactions in commerce grew a 12.5%, which suggests consuming them are using its cards Visa more and more for its daily payments. The debit supposes almost two thirds (66%) of all the cards Visa in Europe and rather less three quarters (74%) of the total volume of sales.
Impact of the crisis in the consumers
An important part of the consumers shows that the crisis has not had a direct hit in their personal financial situation. That percentage goes from 35% in Spain to a 54% in France or the United Kingdom. In addition, in all the countries object of the study except in Spain and Italy, that is the opinion of the majority.At the same time, another important part of the consumers has undergone a direct negative impact in its economic situation. This percentage varies between 24% of Sweden until 60% in Spain. This must in the majority of the occasions to the loss of the use (varying from 10% of the cases in Germany, to 24% in Spain) reason why it is possible to be deduced that many of those people are under a strong financial pressure. Other less dramatic causes would be the loss of bonus or the imposition of a reduced schedule.
The price has become, still more if it fits, a determining factor in the purchase behavior. In Spain a 57% of people show that it buys in stores of discount or white outstanding products, and a 79% indicate that they try to buy taking advantage of promotions and supplies.
Internet has a more important paper in the decision making and the habits of purchase. More and more people use Internet to inquire before making a purchase, also more people buy online and, mainly, a great number of people looks for in Internet tracks and advice to spend less generally.
Implications for the financial organizations Much people indicate that the crisis has animated to change to them of financial organization. The real proportion can be of one of each twenty (5%) in Sweden, but it reaches almost to one of each five (19%) in Spain. Many consumers show that they are open to receive supplies of banking services of other organizations. The proportion also varies between 17% of Sweden until 41% in Spain.
The financial organizations will need to work hard to continue understanding the detail of the needs their clients to be able to develop to products and services that respond to the needs of the different segments.
An important conclusion of the study for Visa is that much more people shows that now it prefers to pay with cash to still more have control on his expenses. This can suppose so much a threat as an opportunity. In answer the financial organizations would have to send to new products and solutions of payment that have a behavior similar to the cash and improves that it in their main attributes.
This can be obtained, for example:
- Using the payments without contact to beat the speed and comfort of the cash
- Still more facilitating the control of the cost, by means of messages SMS or new applications for the intelligent telephones (smart phones)
- Allowing the users to discount its expenses (perhaps through an account of purchases Visa of pre-payment)
People also are more selective at the time of asking for loans. The study confirms that many consumers much more declare to be cautious now to request a loan weighs that they do not discard requesting them.
Finally, during this same period of crisis, we have attended the fast development of the technology and the network of moving bodies with access to Internet, the arrival of iPhone and the rest of intelligent telephones. For this reason, he is inevitable that shortly is a convergence between this technology and the one of the payments.
 
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