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50% growth in POS and cash loans during Black Friday 2022


50% growth in POS and cash loans during Black Friday 2022

According to the statistics of the consumer lending company UniCredit Consumer Financing, there was 50% growth in POS and cash loans in this year’s sales period. The average purchase value is also significantly higher - BGN 1,075, which is 19% more than the average value last year. This growth is not only due to the rise of prices of goods, but also because customers make more efficient plans and have a tendency to save. 

The goods in highest demand during Black Friday 2022 were the small household appliances - 27% of the purchased goods, electronics - 23%, and computers - 22%, followed by smart phones - 14%.  In comparison, computers, TV sets and smart phones were the goods in the highest demand during Black Friday last year. 

The company reports great growth of 70% of the financed amount compared to the previous year. There is also 50% growth of the number of requests for financing of purchases at large retail stores in the three days of the campaign.  Despite the forecasts for growth of online shopping, we observe a decrease of 5% of the financed amount for purchased goods and a 14% drop of the requests for financing on the very Black Friday, as compared to the results of the previous year. 43% of the customers applied online, while in 2021 their share was 62%. During the three days of sales, online requests for POS loans were 29% of the total number of requests in the period. 70% of them were filed on Friday, and 30% - on the following two days. Obviously, customers take into account the fact that the discounted products in demand are sold out faster, so they seize the first opportunity to get the goods that they find worth having.

Unlike in the previous two years, when the share of women was growing, this year there was a growth of the men’s share. 55% of purchases on this year’s Black Friday were made by men and 45% - by women, unlike in the previous year, when the ratio was 51% men and 49% women.
The majority of customers who purchased goods with financing are between 29 and 39 years old. This group grew by 40% as compared to the previous year and 42% of them made their purchases online. The trend in the 39-50 age category is preserved and they still prefer to go shopping in the stores of the commercial partners of UniCredit Consumer Financing - 63%.

There is significant growth of consumer lending - by 24%, in the Black Friday week, where the financed amount is more than 40% higher than the amount in the previous year.  Online requests for cash loans represent a larger share of the total volume. There is increase by more than 30% per year, which is almost 8 times more than the growth in 2021. One of the reasons is the fact that the consumer lending company offers its customers an entirely digital process via the Bulbank Mobile application, where they may apply and utilize the amount in under 1 hour just by clicking a few times and providing only a minimum set of data. Statistics shows that 60% of the customers utilize their funds within 3 hours which is multiple times faster and more convenient than the application process at a branch. The trend is for a stable consumption with an increasing preference for online sales.

Shopping is expected to grow again during the Christmas holidays, albeit at a slower pace than the one last year, in view of the considerable shopping for presents on Black Friday. According to the forecasts, electronics and household appliances are again expected to be in the highest demand.

Additional media information:

Darina Radoslavova, tel +359 887 505273, Ebsjob/SbeptmbwpwbAVojDsfejuHspvq/CH

Ekaterina Ancheva, tel +359 894 518 193 , flbufsjob/bodifwbAvojdsfejuhspvq/ch