Installment shopping is back

The percentage of installment purchases will continue to grow in the next year to around 20%, from over 15% currently, this evolution reflecting a major change in consumer behavior, according to data from a company in the e-commerce industry. According to the company: "Currently, over 15% of purchases made on evoMAG.ro are paid in installments. This evolution reflects a major change in the behavior of consumers, who are increasingly open to flexible payment options, thus avoiding full payments in one go tranche. Customers continue to look for high-end products, including high-end mobile phones, televisions and large appliances, but their tendency is to avoid large payments and turn to installment payment solutions." According to the cited source, this preference for paying in installments allows them to access the technology and products they want without unbalancing their budget in the short term. Mihai Pătraşcu, CEO of evoMAG, said:

"We are seeing a sharp increase in the preference for paying in installments, especially for high-value products. This demonstrates a change in the way consumers manage large purchases. Through our partnerships with financial companies, we offer customers payment solutions that allows them to maintain access to the products they want in a sustainable way". In the top of preferences for installment purchases in 2024 are: the latest generation mobile phones, televisions, large household appliances, such as refrigerators and refrigerators, laptops and PC systems. "These categories have remained stable in consumer preferences, but paying in installments facilitates the purchase of more expensive products, a significant increase in the value of orders paid in installments has been observed. Although the average value of an evoMAG order is currently approximately 1,000 lei , orders paid in installments have, on average, a 20% higher value", the company points out. This trend shows that flexible payment options allow consumers to access premium products that they would find more difficult to purchase if they had to pay in full in one installment. Most evoMAG customers who access the staggered payment system choose to pay the products in 4 installments, this being the most popular financing option. The payment solution in 4 interest-free installments offers an ideal balance between flexibility and affordability, allowing consumers to spread costs over a manageable period without additional expenses.