Temporary increase in credit, interest-free installments, interest rate discounts... In the past "Double 11", credit installment has become an important battlefield for financial institutions to make efforts. Some experts said that consumer credit is conducive to unlocking China's consumption potential, but some experts criticized that this may lead to excessive debt in irrational young people and overdraw their future quality of life.
What is the real debt situation of young Chinese people? On November 13, data analysis agency Nelson released the "Report on the Debt Status of Chinese Young People". It is understood that the report is based on the online visits of 3,036 young Chinese consumers from Nelson Market Research Company from September to October 2019, and strives to restore the real credit consumption status and behavior of young Chinese people.
The report shows that among young people in China, the overall penetration rate of credit products has reached 86.6%. However, during the survey visit, 43.3% of young people made it clear that "using credit products is a smarter way of consumption."
At present, there are three main channels for young people to obtain loans: one is commercial banks, which provide credit services to young people through issuing credit cards and consumer loans; the second is licensed consumer finance companies; the third is Internet consumer finance companies relying on e-commerce platforms, installment shopping platforms, and online micro-loan platforms, such as Huabei, installment , Yirendai , etc.
The report stated that the proportion of monthly repayment amounts to monthly income can be calculated, the average debt-to-income ratio (i.e. debt ratio) of young people in China is 41.75%, of which 13.4% of young people have zero debt. If consumer credit is deducted as a "payment tool", the actual debt-to-income ratio of young people will be reduced to 12.52%; the actual debt-to-income ratio of college students will be lower, only 7.5%. The
survey also found that the usage rate of Internet installment consumer products is as high as 60.9% (45.5% on credit cards). It is worth noting that 62% of users will use Internet installment consumption for basic life rather than pursuing "pseudo-exquisite".
Nilson Consumer Insight Research Director He Xin said in an interpretation of the report that although the overall penetration rate of credit products is close to 90%, nearly half of them use credit products as payment tools (such as credit cards settled within interest-free). After deducting credit products as payment tools, the actual debt of young people in China accounts for about 44.5% of the total young people.
report shows that 23.5% of young people are cautious about credit products and are usually used at critical moments, especially for students. The proportion of cautious use exceeds 40%, reflecting the relatively rational installment behavior of young people.
Judging from the research results, most young people have not been dragged down by debt. The survey found that 32% of young people said they had a clear deposit plan, and with the increase of age and experience, the proportion of new deposits per month has also increased significantly, with 60% of students and nearly 80% of office workers able to save more than 10% of their income every month.
Source: Beijing Daily Client
Author: Yuan Lu
Producer: Tu Lufang
Editing: Yuan Lu
Process Editor: Wang Hongwei
Process Editor: Wang Hongwei
