special edition covid-19 white paper european payment ... · amidst unprecedented disruption, safe-...
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Special Edition Covid-19 White Paper
European Payment Report 2020
Intrum in brief 02
How Covid-19 is affecting the European payments landscape
03
Europe enters historic recession 04
Spanish businesses fear the worst, while Dutch firms are more optimistic
06
Hospitality and leisure has taken a hard hit
09
Late payment hits liquidity 10
SMEs are vulnerable to unfavourable payment terms
12
Light at the end of the tunnel 14
About the report 17
About the survey 18
Our other publications 19
Adresses 20
A client offering provided through two service linesWe ensure that companies are paid by offering two types of services – credit management services and portfolio investments. We perform credit manage-ment services on behalf of companies to ensure that their customers pay them for the goods and services they sell. In our portfolio investment operations, we assume responsibility for overdue receivables, whereby we pay the client and then seek a solution with the cus-tomer for settling the receivable. Beyond this, we offer a full range of services covering companies’ entire credit man-agement chain.
10,000 employees take care of 250,000 customer contactsAbout 10,000 people work at Intrum. We help our clients develop by caring for their customers. This is achieved through the roughly 250,000 customer contacts that our employees have on a daily basis, in which we help people and compa-nies become debt-free while our clients secure payment.
80,000 clients in 25 countriesIntrum has some 80,000 clients in the 25 countries in which we operate. They are active in many sectors, and we specialise in assisting major companies and finan-cial institutions with large volumes of receivables. Our clients also include tens of thousands of small and medium-sized companies.
Three strategic areas driving our efforts to achieve a sound economyEnable sustainable payments By ensuring sustainable payment flows between companies and individuals, we fulfil an important function in society and promote a sound economy.
Growing by making a difference Our market-leading position allows us to drive the development of the entire industry in a more ethical direction, thereby creating value and meaning for our employees.
Being trusted and respected A basic prerequisite for us to succeed in our efforts is that we have the complete trust of our clients and their customers.
Intrum in briefContents Intrum’s purpose is to lead the way to a sound economy.
A credit market in which people and companies can effi-ciently provide and receive credit is a prerequisite for the business community to be able to function. The oppor-tunities increase for a society and its economy to flourish if companies are paid on time, as this enables them to invest, employ and grow – at the same time, individuals lift themselves out of debt and are therefore able to improve their circumstances.
3
How Covid-19 is affecting the European payments landscapeThe Covid-19 crisis has left businesses facing unparalleled uncertainty. Maintaining a steady cashflow through timely payment is more important than ever.
Europe’s lockdowns have put businesses under pressure. As slowing economic growth reduces demand and supply chains are disrupted, many are now operating in survival mode. The long-term economic effects of Covid-19 will not only impact businesses across Europe, but also consumers, as financial pressures negatively impact their ability to pay invoices to companies.
Amidst unprecedented disruption, safe- guarding cashflow has become a question of survival. Our survey of 9,980 companies across 29 European countries reveals the impact of the Covid-19 crisis on business outlook and payment behaviour.
Our survey shows that, despite the challenges being faced, businesses are looking to navigate the storm, seeking initiatives to prevent late payments at both the national and European level. Half of respondents would like to see the introduction of new legislation to tackle the problem of late payment – a 5 per-cent rise compared to last year’s survey.
42%
4 EPR 2020 Special Edition Covid-19 White Paper
Europe enters historic recession
“Europe is experiencing an economic shock without precedent since the Great Depression,’’ said EU economy chief Paolo Gentiloni in May.1 Businesses are waking up to this reality: 56 percent of our survey respondents say their country is already in recession or will be within a year, compared with 28 percent in last year’s survey.
This recession is unique in nature as businesses have been forced to close due to government lockdowns following the Covid-19 pandemic, rather than due to a falling demand for products and services. The impact that this will have on busi-nesses is reflected in our survey: While 26 percent of those surveyed this year before the crisis said that a recession would have a severe impact on their businesses, 44 percent of those surveyed during the Covid-19 crisis say the same.
That sentiment is backed up by a bleak economic outlook. The European Commission has released projections that Europe’s economy will shrink by 7.4 percent this year, while a second wave of the outbreak would trigger an even steeper decline.2 To boost much needed cashflow, the EU has announced plans for a €750 billion recovery fund to boost the economy and support businesses.3
1) Economic and Financial Affairs Newsroom, European Commission, May 2020 https://ec.europa.eu/newsroom/ecfin/item- detail.cfm?item_id=676321&utm_source= ecfin_newsroom&utm_medium=Website&utm_ campaign=ecfin&utm_content=Paolo%20Gentiloni%20European%20Commissioner%20for%20the%20Economy&lang=en
2) E.U. is facing its Worst Recession Ever. Watch Out, World, The New York Times, May 2020 https://www.nytimes.com/2020/05/06/business/coronavirus-europe-reopening-recession.html3) EU announces financial ‘firepower’ of 1.85 trillion with 750 billion for Covid recovery, Euronews, May 2020 https://www.euronews.com/2020/05/27/eu-commission-set-to-unveil-trillion-euro-coronavirus-
recovery-plan
of those surveyed during the Covid-19 crisis say the that a recession would have a severe impact on their businesses compared to 26% of those surveyed this year before the crisis.
44%
5
Do you believe that a recession is imminent in your country? Graphs show all respondents who say their country is either in a recession, or expect one within 1 year.
% 0,0 0,2 0,4 0,6 0,8 1,0
ItalyBelgiumSlovakiaPortugal
Czech RepublicSpain
LithuaniaAustria
RomaniaGermany
EU averageDenmark
FranceGreeceEstoniaFinland
SwedenHungaryNorway
The NetherlandsUnited Kingdom
PolandLatvia
SwitzerlandSerbia
SloveniaBosnia Herzegovina
IrelandBulgariaCroatia
83%
81%81%
76%74%
73%60%59%58%58%
55%55%55%
56%
51%51%51%
50%50%49%49%
48%45%
43%38%
37%36%
35%33%
27%
Split by country:
Pre-crisis During crisis0
10
20
30
40
50
60
70
80
42%
64%
European average, Covid-19 break down:
SME Large corporation0
10
20
30
40
50
60
57% 55%
European average, SME vs Large corporation:
2019 20200
10
20
30
40
50
60
28%
56%
European average:
6 EPR 2020 Special Edition Covid-19 White Paper
Spanish businesses fear the worst, while Dutch firms are more optimistic
What do you foresee as the major challenges facing customers paying on time and in full over the next twelve months?
It is therefore no surprise that respondents say that a pan- European recession is the greatest challenge facing payment in the short term. Since the outbreak of Covid-19, two-thirds (57 percent) of respondents rank the risk of pan-European recession within the top three challenges for customers paying on time over the next 12 months – an increase of 20 percent since before the crisis.
Spanish respondents are the most concerned: 92 percent rank it within the top three payment challenges over the next 12 months, and over half (54 percent) expect it to have a severe impact on their businesses. These figures are the highest in Europe.
Spain’s economy has been hit hard by the crisis: the Bank of Spain has predicted that GDP could drop by 13 percent this year,4 and the shrinking economy is putting many jobs at risk. At 14 percent, unemployment was already a major concern before the crisis hit. Now, it is expected to reach 19 percent by the end of the year.5
European average, Covid-19 break down:
0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8
The risk of a pan-European recession
Debtors in financial difficulties
An uncertain trading environment (Global trade wars/Middle Eastern conflict)
An over-reliance on unsecured loans among our business partners
Administrative inefficiency of our customers
Disputes regarding goods and services delivered
Intentional ignorance
A lack of business experience among customers
Legislation issues
None
66%
33%
28%
24%
28%
26%
27%
27%
41%
4) Spain predicts unemployment will reach 19 percent, Politico, May 2020 www.politico.eu/article/spain-predicts-coronavirus-covid19-unemployment-will-hit-19-percent/5) Ibid.
38%
38%
33%
28%
37%
36%
29%
25%
26%
2%
1%
Pre- crisis
During crisis
7
Pre-crisis During crisis0
10
20
30
40
50
60
70
80
41%
66%
European average, Covid-19 break down:
Respondents who ranked “Risk of a pan-European recession” as main payment challenge of their customers paying on time and in full over the next twelve months:
Split by country:
% 0,0 0,2 0,4 0,6 0,8 1,0
SpainPortugal
Czech RepublicSlovakia
DenmarkFinland
GermanyPoland
SwitzerlandUnited Kingdom
SwedenHungary
LatviaNorway
ItalyEU average
BelgiumGreece
SloveniaIreland
BulgariaSerbia
Bosnia HerzegovinaFrance
RomaniaAustriaEstonia
The NetherlandsLithuania
Croatia
92%
80%83%
79%69%69%
68%68%68%67%
64%64%
63%
65%
61%57%
47%41%41%
40%39%39%
37%37%37%
36%36%36%35%
33%
SME Large corporation0
10
20
30
40
50
60
58% 56%
European average, SME vs Large corporation:
8 EPR 2020 Special Edition Covid-19 White Paper
Respondents who anticipate the recession to have a severe negative impact on their company: Graph show all respondents who say their country is either in a recession, or expect one within 5 years.
Split by country:
% 0,0 0,1 0,2 0,3 0,4 0,5 0,6
SpainPoland
PortugalSwitzerland
GermanyFinland
SwedenDenmarkHungarySlovakia
ItalyLatvia
United KingdomNorway
EU averageCzech Republic
BulgariaRomania
Bosnia HerzegovinaCroatia
SloveniaAustriaFranceSerbia
LithuaniaEstonia
BelgiumGreeceIreland
The Netherlands
54%
47%48%
47%46%
45%45%
44%44%44%
43%42%41%
43%
38%37%
35%34%
33%31%31%
30%30%30%
29%27%
24%24%
21%14%
Dutch respondents, on the other hand, are more optimistic about the impact of a recession on their business: 14 percent expect it to have a severe impact on their business – the low-est figure across Europe.
The Dutch government is taking steps to lessen the impact of a recession on businesses. Prime Minister Mark Rutte recently announced a EUR 13 billion package of emergency measures to support businesses through the crisis. Such measures will be vital to rebuilding economies across Europe post-crisis.6
6) ‘Dutch push another EUR13 billion into business support’, NLTimes, May 2020 https://nltimes.nl/2020/05/20/dutch-push-another-eu13-billion-coronavirus-business-support
of the Dutch respondents expect the recession to have a severe impact on their business.
14%
9
Split by industries:
Hospitality and leisure has taken a hard hit
Government restrictions on travel, shopping, dining out, exer-cise and other leisure activities have hit Europe’s hospitality and leisure industry hard. About 4 in 10 survey respondents from this sector (42 percent) say that a recession will have a severe impact on their businesses – the highest figure of the 11 industries we surveyed.
Lockdowns are gradually being lifted across Europe, but the shutdown of the past few months is likely to have a lasting impact on businesses in the hospitality and leisure sector. In April, the European Commission estimated that Europe’s hotel and restaurants will lose half their revenue this year, while tour operators and travel agencies are set to lose 70 percent, and cruises and airlines a staggering 90 percent.7
Respondents who anticipate the recession to have a severe negative impact on their company: Graph show all respondents who say their country is either in a recession, or expect one within 5 years.
0,0 0,1 0,2 0,3 0,4 0,5
42%
41%
41%
40%
40%
39%
38%
37%
36%
35%
31%
Hospitality & leisure
Industrials & Chemicals
Energy, mining & utilities
Banking, Financial Services & Insurance
Consumer (incl. Retail)
Real Estate & Construction
Pharma, Medical & Biotech
Tech, media & telecoms
Transportation & logistics
Business services
Government & public sector
H
ospi
talit
y &
leisu
reIn
dust
rials
& C
hem
ical
sEn
ergy
, min
ing
& ut
ilitie
s
Bank
ing,
Fin
anci
al S
ervi
ces &
Insu
ranc
eC
onsu
mer
(inc
l. Ret
ail)
Real
Est
ate
& C
onst
ruct
ion
Phar
ma,
Med
ical
& B
iote
chTe
ch, m
edia
& te
leco
ms
Tran
spor
tatio
n &
logi
stic
sBu
sines
s ser
vice
sG
over
nmen
t & p
ublic
sect
or
7) Speech by Commissioner Thierry Breton at the European Parliament on 21 April 2020, European Commission, April 2020 https://ec.europa.eu/commission/commissioners/2019-2024/breton/announcements/speech-commissioner-breton-marshall-plan-european-tourism_en
10 EPR 2020 Special Edition Covid-19 White Paper
Late payment hits liquidity
Our survey finds that the most pressing concerns for European businesses in terms of late payment are a reduction in liquidity and their ability to survive: 45 percent say that late payment reduces their liquidity, and 38 percent say it threatens their survival.
The Covid-19 crisis has placed an even greater pressure on European businesses to safeguard their liquidity. Sharp drops in GDP across Europe are pushing down revenues for businesses, restricting cashflow while increasing pressure on businesses to manage their cash and liquidity more efficiently.
A decline in consumer demand following government lock-down measures presents a long-term challenge to European businesses. As they look to save costs through reducing head-count, this may in turn negatively impact consumers’ ability to pay invoices due to lower disposable income.
This trend is reflected in our survey. Over half (51 percent) of respondents say that late payment reduces their liquidity during the Covid-19 crisis, compared with 35 percent of those surveyed before the impact was felt. Businesses that are able to safeguard their liquidity will emerge stronger from the Covid-19 crisis, while those with less liquidity to fall back on may find themselves under threat.
say that late payment reduces their liquidity, and 38% say it threatens their survival.
45%
Respondents who say late payments have a high impact* on following business areas:
European average, Covid-19 break down:
%
0,0
0,1
0,2
0,3
0,4
0,5
0,6
Threat to survival
Not hiring new employees
Loss of income
Additional interest charges
Dismissing employees
Prohibiting growth of the company
Prohibiting innovation
Liquidity squeeze
35%
51%
39% 38%34%
31% 31%
25% 25%
36%33% 32%
34%32% 32% 33%
Pre-crisis
During crisis
* On a scale from 1-5, 4 and 5 is defined as “high impact”.
11
Respondents who say late payments have a high impact* on liquidity squeeze
% 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8
SpainGreecePolandEstonia
RomaniaLithuania
SwitzerlandFinland
SwedenDenmarkGermany
United KingdomHungary
LatviaSlovenia
ItalyPortugal
FranceNorway
EU averageAustria
Bosnia HerzegovinaBulgaria
SerbiaCroatia
SlovakiaIreland
Czech RepublicBelgium
The Netherlands
62%
55%56%
54%54%
53%53%
52%52%51%
51%50%50%
51%
50%48%48%47%47%
45%45%
43%43%
41%39%
38%28%
25%20%
11%
Split by country:
Pre-crisis During crisis0
10
20
30
40
50
60
35%
51%
European average, Covid-19 break down:
SME Large corporation0
10
20
30
40
50
45% 46%
European average, SME vs Large corporation:
* On a scale from 1-5, 4 and 5 is defined as “high impact”.
12 EPR 2020 Special Edition Covid-19 White Paper
SMEs are vulnerable to unfavourable payment terms
These pressures are forcing European businesses to accept unfavourable payment terms in order to secure credit and maintain cashflow. This trend has increased following the out-break of Covid-19: 71 percent surveyed during the crisis say they have accepted longer payment terms than they feel com-fortable with to avoid damaging client relationships, compared with 65 percent of those surveyed before the outbreak.
For small businesses, a late payment can mean the difference between survival and bankruptcy, harming their ability to pay employees and suppliers, cover operating costs and pursue growth opportunities. Our research reflects this pressure: 49 percent have accepted longer payment terms than they feel comfortable with from another SME over the past 12 months, compared with 43 percent of larger corporations.
While this is not a new trend for SME’s, the impact of Covid-19 increases the urgency to find a solution to this problem. SME’s represent 99 percent of businesses in the EU, creating an esti-mated 85 percent of jobs over the past five years.8 Ensuring their recovery post Covid-19 will be central in rebuilding sound economies across Europe. Prompt payment initiatives will be crucial in ensuring a steady cash flow for SME’s post-crisis.
Have you accepted longer payments than you feel comfortable with over the past twelve months?*%
0,0
0,1
0,2
0,3
0,4
0,5
Yes, from a large/ multinational corporation
Yes, from a small to medium company
Yes, from a public sector company
Not sureNo
22%19%
43%43%
26%
1% 1%
43%
49%
16%
12%
SME
Large corporation
*) The is a multiple answer question, hence the total add up to more than 100%. 8) Entrepreneurship and Small & medium-sized enterprises (SMEs), European Commission website
say they have accepted longer payment terms than they feel comfortable with to avoid damaging client relationships, compared with 65% of those surveyed before the outbreak.
71%
13
Real Estate & Con-struction
Energy, mining & utilities
Industrials & Chemi-cals
Pharma, Medical & Biotech
Tech, media & telecoms
Banking, Financial Services & Insurance
Business services
Transpor-tation & logistics
Hospitality & leisure
Consumer (incl. Retail)
Govern-ment & public sector
Split by industries:
0,00,1
0,20,3
0,40,5
0,60,7
0,8
73% 73% 72% 72% 71% 70% 69% 68% 67% 66%62%
Real
Est
ate
& C
onst
ruct
ion
Ener
gy, m
inin
g &
utilit
ies
Indu
stria
ls &
Che
mic
als
Phar
ma,
Med
ical
& B
iote
chTe
ch, m
edia
& te
leco
ms
Bank
ing,
Fin
ancia
l Ser
vices
& In
sura
nce
Busin
ess s
ervi
ces
Tran
spor
tatio
n &
logi
stic
sH
ospi
talit
y &
leisu
reC
onsu
mer
(inc
l. Ret
ail)
Gov
ernm
ent &
pub
lic se
ctor
“We have accepted longer payment terms than we are comfortable with, as we did not want to damage client relationships” (agree)
% 0,0 0,2 0,4 0,6 0,8 1,0
PolandSweden
DenmarkFinland
SpainSwitzerland
United KingdomGermanyHungary
LatviaNorwayIrelandCroatia
PortugalBulgaria
EU averageSlovenia
Bosnia HerzegovinaSlovakia
SerbiaFrance
GreeceAustria
Czech RepublicEstonia
ItalyRomaniaLithuaniaBelgium
The Netherlands
82%
81%82%
81%80%80%80%79%78%
76%
73%71%71%
76%
70%69%69%
68%68%67%
64%64%
63%63%63%
61%61%
59%38%
34%
Split by country:
Pre-crisis During crisis0
10
20
30
40
50
60
70
80
65%71%
European average, Covid-19 break down:
SME Large corporation0
10
20
30
40
50
60
70
80
69% 69%
European average, SME vs Large corporation:
14 EPR 2020 Special Edition Covid-19 White Paper
Light at the end of the tunnel
Against this backdrop of exceptional change and disruption, many businesses are fighting for survival. Sustaining liquidity and cashflow by ensuring timely payment has become their lifeline, and for some companies the Covid-19 crisis could result in the end of their journey.
Building a sustainable payment culture will require a change in behaviour. Our survey finds that this is a change that is already happening, with businesses seeking initiatives to prevent late payments at both the national and European level.
15
9) Under the European Late Payment Directive, European businesses are automatically entitled to interest for late payment and €40 minimum as compensation for recovery costs
would like to see voluntary initiatives from corpo-rations in order to tackle the problem of late pay-ment – compared to 33% in 2019.
47%
Respondents who would like to see voluntary initiatives from corporations to solve the problem of late payments:
% 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8
Bosnia HerzegovinaCroatia
SloveniaBulgariaIrelandSerbia
EstoniaAustriaLatvia
FranceSwedenGreece
SwitzerlandLithuaniaHungaryRomania
FinlandUnited Kingdom
DenmarkPoland
EU averageGermany
NorwayPortugal
ItalySpain
The NetherlandsBelgiumSlovakia
Czech Republic
71%
70%70%
69%66%66%
62%60%60%
58%
56%55%
54%
58%
53%53%
52%52%
50%50%
47%47%
46%34%
28%27%
24%23%
15%14%
Split by country:
of respondents would like to see the introduction of new legislation 2020 compared to 45% 2019.
50%
Almost half of respondents (47 percent) in our survey would like to see voluntary initiatives from corporations in order to tackle the problem of late payment – an increase of 15 percent since last year. Meanwhile 50 percent of respondents would like to see the introduction of new legislation – a 5 percent rise on last year.
Another positive sign is a rise in the adoption of the EU Late Payment Directive9, which 23 percent of European businesses in our survey say they always use. Last year, 71 percent of respondents stated they were not aware of the directive.
At Intrum, our mission is to help our clients get paid for their goods and services that they sold. We take pride in using our unique insights to develop solutions that work for everyone involved. That way, we can lead the way to a sound economy.
SME Large corporation0
10
20
30
40
50
45%50%
European average, SME vs Large corporation:
0
10
20
30
40
50
60
70
80
2019 2020
33%
47%
European average:
16 EPR 2020 Special Edition Covid-19 White Paper
Respondents who would like to see an introduction of new legislations to solve the problem of late payments:
% 0,0 0,1 0,2 0,3 0,4 0,5 0,6 0,7 0,8
IrelandCroatiaGreece
RomaniaBulgariaAustria
LithuaniaSpainLatvia
PortugalSlovenia
PolandItaly
SwitzerlandGermanySlovakia
EU averageFrance
HungaryNorwayEstoniaFinland
United KingdomCzech Republic
Bosnia HerzegovinaSerbia
DenmarkSweden
The NetherlandsBelgium
77%
58%58%
58%57%57%57%57%
55%55%
54%53%
52%
54%
52%52%
50%50%50%50%
49%49%49%
48%47%47%47%
43%32%31%
Split by country:
SME Large corporation0
10
20
30
40
50
60
49% 52%
European average, SME vs Large corporation:
2019 20200
10
20
30
40
50
60
70
80
45%50%
European average::
17
The white paper is based on a survey that was conducted simultaneously in 29 European countries between 14th February and 14th May 2020. A total of 9,980 companies across 11 industries in Europe participated in the research.
The content of the white paper is developed by Intrum in coop-eration with Longitude, a specialist provider of thought leader-ship and research services to a multinational corporate and insti-tutional client base, headquartered in London, England. Design by Passion/ Jeanette Friman.
Through the comprehensive survey among European compa-nies, Intrum generates awareness and debate among politicians and the media regarding how late or non-payments impact economies in Europe.
Intrum participates in seminars and meetings in Brussels to inform EU delegates of the situation and the best approach for working towards a sound economy and secure payments in Europe.
Since 2013 Intrum has, as the representative of the business community, spoken about the consequences of late payments to the European Union. Intrum continues through 2020 to par-ticipate in dialogue with the EU Commission on how to make the implementation of the Late Payment Directive as effective and forceful as possible.
The Late Payment Directive recommend payment periods for companies to be at most 60 days and for public authorities 30 days.
ContactAnna FallChief Brand & Communications OfficerIntrum
Phone: +46 70 996 98 21e-mail: [email protected]
About the report
Intrum has published the European Payment Report on a yearly basis since 1998. This is a special edition white paper focusing on the impact of Covid-19 on business outlook and payment behaviour.
18 EPR 2020 Special Edition Covid-19 White Paper
About the survey
Role of respondents:Chief Executive Officer 23 %Chief Financial Officer 5 %Head of Corporate Treasury 3 %Chief Operating Officer 11 %Head of Credit Risk 3 %Director of Finance 8 %Director of Corporate Treasury 3 %Financial Controller 4 %Head of Accounting 7 %Vice-President of Finance 4 %Senior Finance Manager 5 %Senior Finance Executive 10 %Credit Manager 3 %Finance Executive 6 %
Company size:0 to 9 employees 25 %10 to 49 employees 23 %50 to 249 employees 23 %250 to 499 employees 7 %500 to 999 employees 7 %1,000 to 2,499 employees 7 %2,500 + employees 9 %
Industry sectors:Banking, Financial Services & Insurance 14 %Consumer (incl. Retail) 12 %Industrials & Chemicals 10 %Pharma, Medical & Biotech 9 %Real Estate & Construction 10 %Tech, media & telecoms 10 %Energy, mining & utilities 8 %Business services 8 %Transportation & logistics 6 %Hospitality & leisure 5 %Government & public sector 6 %Other 4 %
The research was conducted through telephone interviews and online survey participation (web questionnaire). The question-naire was translated into the respective national language.
The research was conducted by Longitude, a specialist pro-vider of thought leadership and research services. Market Expertise has supported in field work in all 29 markets. In addi-tion to Market Expertise, following field workers has supported in selected markets: Crystal Call (Slovakia), GPF associate (Italy), Markteffect (Belgium, The Netherlands), Weberschandwick (Czech Rep.).
The data has been analysed at pan-European and individual country level by industry sector, company size and Covid-19 break down.
Definitions
Company size:SME – companies with less than 249 employeesLarge corporations – companies with 250 employees or more
Covid-19 break down:Pre-crisis: Respondents interviewed prior to Covid-19 crisisDuring crisis: Respondents interviewed during Covid-19 crisis.
The data was analysed at individual country level, for each of the 29 countries, to iden-tify the date on which a material change in sentiment related to the macro-economic outlook and/or late payment could be seen.
Once the date was identified, those respondents who were interviewed prior to this date were labelled as pre-Covid-19, those interviewed on or after this date were labelled as during-Covid-19.
The date on which a material change was identified differs for each country due to the different progress of Covid-19 in each of these countries, and different timing of response actions taken by the government in each of these countries.
The structure of the sample
19
Our other publications
Intrum is the undisputed market leader in credit manage-ment in Europe. We help companies succeed by taking care of their customers and considerately helping people pay. Intrum is leading the way towards a sound economy where payment flows work, and people become debt free. We have a lot of insights and knowledge regarding the late or non-payment impact on economies throughout Europe.
Intrum actively participate in seminars and meetings in Brussels to inform EU delegates of the situation and the best approach to secure payments in Europe. Through our publi-cations you can learn more about the development of late payment trends from a local, regional and pan European view.
The European Payment Report
The European Payment Report (EPR) describes the impact late payment has on the development and growth among European enterprises. The report is based on a pan European survey carried out by Intrum in 29 European countries on an annual basis involving almost 10,000 enterprises in Europe.
Download the latest report at www.intrum.com/epr2019
European Consumer Payment Report
The European Consumer Payment Report (ECPR) is based on an annual survey conducted in 24 European countries covering over 24,000 respondents throughout the conti-nent. The report provides insights to European consumers’ views on their economic outlook, and aim to gain insight in European consumers’ every-day life; their behaviour of spending, behaviour of paying for products and services, perception on credit and ability to manage their household finances on a monthly basis.
Download the latest report at www.intrum.com/ecpr2019
European Consumer Payment Report 2020 White Paper
The ECPR white paper outlines the financial impact of Covid-19 on private households across 24 European countries and is based on a pulse survey of 4,800 consumers conducted in May 2020.
Download the latest report at www.intrum.com/ecpr2020-white-paper
Special Edition White Paper
European Consumer Payment Report 2020
Nordic Debt Collection Analysis
The Nordic Debt Collection Analysis (NDCA) seeks to close the knowledge gap between debt collection and the general eco-nomic development. The analysis provides insight on which direc-tion the default market is currently heading and to point out the keydrivers behind the observed market movements. The analysis is based on our internal data.
Download the latest report at www.intrum.com
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