Sardinian families in debt, even small purchases are paid in installments: "We risk a generation of bankruptcy."
With rising prices and stagnant wages, the phenomenon is growing, driven above all by millennials, those born between 1981 and 1996.
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The most popular shopping slogan among Sardinians is "Buy now and pay later." And it doesn't matter if you can't repay your debt.
Alarm
Young people in Sardinia (and now even the not-so-young), especially around the Christmas holidays, have long been discovering new forms of installment financing. So much so that by 2022 they had already earned the title of Italy's "big spenders." Three years later, the phenomenon has certainly not abated; on the contrary, the ever-rising cost of living and wages that can't keep pace have forced many families to pay more and more installments for every purchase. Even the smallest. And so debt piles up, payments multiply, and the risk of an entire generation facing bankruptcy in the near future becomes more real every day. Per capita debt on the island is 14,000 euros.
The numbers
The latest credit report from Experian, a company specializing in the financial sector, calculated a nearly 57% increase in the Bnpl system. This boom was fueled first by Black Friday at the end of November and then by the current Christmas shopping spree.
According to CRIF, a leading credit information analysis firm, "demand is primarily driven by millennials (born between 1981 and 1996) and Gen X (1965-1980), but the contribution of Gen Z (1997-2012), particularly active in more innovative forms of credit, is also growing." Regionally, "the peak in demand is concentrated in technology purchases, with a strong trend in the Central and Southern regions."
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