Research from financial services company Synchrony has revealed that 5% more consumers are securing financing for large purchases when compared with 2021.
The study surveyed 3602 individuals in the US who made a purchase of $500 or more in the past six months.
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Half of survey respondents said that price increases have led them to seek financing options and 66% agreed that financing makes larger purchases more affordable.
Retail staff play a pivotal role in financing, with 55% of respondents researching financing by asking an associate. Among those who obtained in-store financing, 51% were approached by the associate.
Retail credit cards are popular for 77% of consumers who use them to take advantage of unique benefits.
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Unsurprisingly, younger consumers use their digital savvy to conduct research into their purchases, with 61% aged 18-44 using mobile channels.
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By GlobalDataA key example gaining traction in the retail industry is the card issuing platform Marqueta, which offers consumers virtual cards and point-of-sale financing.
Synchrony CGO and executive vice-president Michael Bopp explained: “Rising costs have made financing more appealing for shoppers, particularly when they are looking to buy relatively expensive products such as home improvements, jewellery or electronics.
“Opportunities exist for retailers to drive engagement with financing throughout the purchase journey to increase sales conversion.”
