Mobile sales held back by financing availability, new survey finds
The relentless march of new mobile technology is driving demand for faster, smarter, more fashionable phones. 5G holds the promise of a seamlessly connected world, and the compatible phones that go with it are yet another force driving device sales.
We carried out our own consumer research earlier this year to understand more from a consumers perspective.
We found that even though there is a strong appetite for new devices, consumers are both confused about, and limited by, the availability of mobile device financing options for increasingly expensive smartphones.
Our 2021 Censuswide survey polled mobile phone consumers in three key markets, the UK, Mexico and South Africa and found that only 20% had taken out a loan or finance for a smartphone, but almost half would consider a more expensive device if financing was available at the point of purchase.
There were some regional differences in consumer attitudes to finance, with Mexican consumers more used to buying devices on finance compared to credit conscious UK consumers, but there was a clear interest in upgrading functionality and style if finance was available.
Demand is already strong. Smartphones are bridging the digital divide and mobile internet is becoming ubiquitous. In addition, 5G technology is a powerful stimulus for new device sales. As high spec, feature-filled phones get more expensive, operators, retailers and resellers have an opportunity to meet this demand by offering secure financing solutions that lower risk while increasing consumer choice.