Men pay with credit cards 23% more than women

Contrary to popular belief, more credit card purchases are carried out by men. In particular, men use their credit cards 23% more than women, according to the first Bankintercard report on the profile and habits of Spanish credit card users.  Each year, men charge, on average, 2,917 euros, while women spend an average 2,369 euros with their cards.

This study by Bankinter Consumer Finance, a Bankinter subsidiary specialised in consumer lending, indicates that women are still far behind men despite a slight increase in their credit card consumption from previous years. It suggests that there are still certain cultural constraints and differences between men and women in terms of purchasing power and buying habits.

In all age groups, men spend more than women.  Furthermore, as people get older, this gap becomes increasingly apparent. This reveals both gender and intergenerational differences in the habits of credit card users.

Men use their credit cards more in supermarkets, an average 22% more than women. Meanwhile, at fuelling stations, men pay with credit card 69% more than women. Furthermore, the custom of men paying the bill at restaurants seems to carry on, as men use their credit cards 76% more than women in these establishments.

‘Credit cards have become one of the main payment methods in Spain and also serve as a very reliable indicator of how consumption here is evolving after a few years in decline. Credit cards also show consumption in terms of buying habits in Spain, which are determined by several factors such as socio-economic changes in recent years’, said Alfonso Sáez, senior executive vice-president of Bankinter Consumer Finance.

According to psychologist Patricia Castaño, ‘This data brings existing social norms to light, which are often verbalised through expressions like, for example, refuelling or washing the car is for men. At the same time, the media also help to change people’s behaviour. Such is the case of cooking programmes and contests, which have led men to be more involved in the shopping, apart from those who go “when asked to”.’

Nonetheless, women are the uncontested leaders in using credit cards to purchase fashion items, by more than 42% when compared to men in this consideration.

This report is based on data collected from transactions carried out with more than 660,000 Bankintercard credit cards at the end of October. Notably, based on the trends the report reveals, it is estimated that in 2016, people in Spain will spend, on average, 2,838 euros with their credit cards. This indicates a 3.5% increase from 2015, and remains in line with upward consumption trends in recent years.

During the year, summer holidays are, without a doubt, the time of year when credit cards are most used in Spain. July is the month with the highest average amount spent using credit cards (431 euros), although the Christmas season continues to be a particularly active time of year in terms of credit card usage. In the following days, luxury item purchases will increase by as much as five times in contrast to the rest of the year.

 And even though the hump begins in January, the hump Spanish consumers really have a hard time getting over is in February, as it is the month in which credit cards are least used.

‘Black Friday’

Events such as ‘Black Friday’ entail a hike in consumption, with a 430% increase in average daily purchases of electronics. This also has a significant impact on the following days, in which credit card spending rises by approximately 150%.

Certainly, on-line purchasing has been revolutionising the lifestyles of consumers.  On-line outlets are channels where paying with a credit card is increasingly necessary. In fact, at the end of 2016, total on-line purchases with credit cards will more than double, compared to 2013.     Credit card purchases grew by 27% in 2015 and are expected to increase by 37% in 2016.

Bankinter Consumer Finance is banking institution that has grown the most in consumer lending this year, at a time when this type of lending has recovered its upward trend. This Bankinter subsidiary closed out September with a cumulative 940 million euros in new lending, up 49% compared with the third quarter of 2015. On the other hand, between January and September, Bankinter Consumer Finance attracted 174,000 new customers, which raises its total loan portfolio up to 845,000 account holders, a 43% increase from the end of September of last year.