Consumer Finance

As inflation continues to rise, an increasing number of households find themselves in a financially precarious situation at the end of the month or salary payment periods. The impact of inflation bites into monthly budgets, leading to higher expenses…

Consumer credit gross lending has experienced further strong growth in 2023, along similar lines to the previous year. The main factor behind this growth has been the improvement in economic conditions as a result of increased community mobility…

In 2023, the growth of consumer lending in Israel experienced a notable slowdown, continuing a trend observed over recent years. The outstanding balance in card lending saw a decline, significantly influenced by rising inflation and the increasing…

Consumer credit registered positive, albeit modest growth in terms of gross lending and outstanding balance values in Italy in 2023, as ongoing economic uncertainty led many consumers to retain a conservative approach towards borrowing. While the…

In 2021 and 2022, many local consumers used personal loans when faced with unplanned expenses or a personal financial emergency. Malaysian banks were very active in offering personal loans to individuals, providing flexible repayments and offering…

Consumer credit is set to show continued consistent robust growth in gross lending in 2023, driven by improving employment and business performance, and wages that continue to recover in the wake of the pandemic. However, growth will encounter…

Morocco’s latest unemployment data exhibits a rise to almost 13% in the first three months of 2023, from just over 12% over the same period last year, as the farming sector shrunk due to the worst drought in decades, directly affecting the sector’s…

A new government inherited a sluggish economy, record debt and shrinking oil output, due to creaking infrastructure. On foot of this, the government has implemented some difficult decisions in order to stabilise the economy, including ending a…

Consumer credit is enjoying a more prosperous year in 2023 than was expected, as the Norwegian economy remains resilient in the face of high inflation. The rate of inflation has reduced slightly in 2023, but it is still much higher than the 2%…

Consumer credit has continued to witness robust growth in 2023, albeit at a moderated pace compared to the preceding two years. This growth encompasses both outstanding balances and gross lending, having already rebounded to pre-pandemic levels in…

In the face of economic slowdown, there has been a clear decline in private consumption in Poland. Banks have tightened lending criteria for all types of loans to protect their business revenues. At the start of 2023, the criteria for granting…

Consumer lending in 2023 is experiencing a slowdown due to the rapid rise in interest rates and the prevailing economic uncertainty. There is a notable increase in interest in quick loans from non-banking institutions and card lending. The surge in…

Other personal lending continues to be an area of interest in Saudi Arabia, as this category primarily constitutes personal loans taken for medical purposes and travelling. This has been particularly prominent since the end of pandemic restrictions…

Following the pandemic, card lending, contributing to over 60% of consumer credit gross lending in Singapore, has witnessed significant growth, largely propelled by the enduring trend of revenge travel. The resumption of travel and tourism activities…

Consumer credit suffered during the first year of the COVID-19 pandemic, when economic uncertainty saw the postponement of larger purchases. While gross lending surpassed pre-pandemic levels in 2022, consumers remained cautious, amid much uncertainty…

The government's relaxation of control measures on digital banks has paved the way for a broadened range of financial services offered by pure digital banks. Although the impact on traditional banks and digital wallet operators remains relatively…

Thailand’s economic performance in 2023 is improving as the pandemic effects subside and private consumption rebounds. Other positive factors include the surge in Thai and foreign travellers, as well as improvements in the service sector, which is…

The cost of living crisis remains a pressing issue for Czech consumers in 2023, with higher energy and grocery bills squeezing disposable incomes. People are still struggling to pay their bills and are therefore taking out loans or buying on credit…

Lending institutions in the Netherlands are adapting their lending norms to accommodate inflation and the increasing cost of living. These updated lending norms predominantly affect consumer credit. By incorporating rising prices into their…

Towards the end of the review period consumer loans has shown continuous current value growth. In 2023, current value growth is being driven by credit cards and various personal lending options, particularly salary-based general purpose loans.…

Numerous consumers have increased their reliance on credit to enable them to afford higher retail prices in 2023, as the UK economy has continued to be impacted by high inflation and the rising cost of living. As a result, card lending is set to…

2022 and 2023 saw some of the most rapid increases in lending interest rates in US history. During the pandemic, many interest rates approached record lows, leading consumers to refinance debt, and leading to a generally free lending environment. In…

The year 2023 witnessed a decline in the number of consumers obtaining personal consumer credit. As Inflation and the cost of living remained high, consumers relied on cash withdrawals from credit cards when they needed small sums of money. This…

The biggest story in consumer lending in 2023 is the issuing of the new Circular by the State Bank of Vietnam, to promote consumer lending for daily needs. To encourage banks to increase their lending activities, including consumer lending, the State…

The credit market in Argentina remains highly restricted, primarily constrained to personal loans. The funds that banks receive from their clients are predominantly funnelled into a financial instrument called Leliq, which offers a lucrative…

Canada's credit landscape in 2023 is showing rises in lending, with more Canadians gaining access to lending products via traditional financial institutions and private lenders. At the same time, as the cost of living bears down on Canadians, thanks…

Chile's economy faces challenges as bank credit declined in 2022, the most negative annual variation in 30 years. The economic slowdown stems from a gradual adjustment to previous macroeconomic imbalances, with range projections of -0.5%-0.25% in…

The Colombian economy felt the effects of a slowdown in the first semester of 2023 due to a restrictive monetary policy, compounded by a significant increase in interest rates at the end of 2022. This caused credit card interest rates to rise above…

There is expected to be moderate growth in consumer credit gross lending in 2023, though growth will be significantly lower than the previous year. In terms of housing/mortgages, gross lending is expected to fall. A second year of rising interest…

Consumer credit and lending have experienced substantial growth in the past year. In March 2023, the Central Bank of Egypt reported a significant increase in consumer credit. The rise is attributed to an increase in both local and foreign currency…

Consumer lending is facing challenges in 2023, arising from the current socioeconomic environment. Indeed, as society began to recover from the impacts of the pandemic era, new factors came to play, from soaring global interest rates to the ongoing…

Consumer lending in Hong Kong is experiencing a spike in growth as the economy recovers from the impact of the pandemic, with 14% growth in gross lending primarily driven by card lending. The reopening of borders in the fourth quarter of 2022 has…

The initial optimism of early 2022 was abruptly dampened by the end of the year, and this has persisted throughout 2023. The sharp rise in borrowing costs coupled with a decline in disposable incomes due to high inflation has compelled Hungarians to…

The consumer lending category has experienced another strong performance in Indonesia in 2023. Gross lending has shown further positive growth during the year, along similar lines to 2022. Improving economic conditions as a result of people's…

In 2023, the Bank of Israel implemented a significant benchmark interest rate hike. This resulted in a sharp increase in mortgage payments, impacting individuals who hold mortgages and loans. The aggressive interest rate hikes have escalated mortgage…

Consumer lending in Italy maintained positive, albeit modest growth in current value terms in 2023, as ongoing economic uncertainty led many Italians to retain a cautious attitude towards borrowing. Factors such as high inflation rates, increasing…

Towards the end of the review period, many local consumers took out personal loans to cope with higher financial burdens. Malaysian banks have offered personal loans with more flexible repayment plans and more appealing terms when required. The…

The consumer lending landscape in Mexico is expected to continue to display growth in both gross lending and the outstanding balance in 2023. 2023 is proving to be particularly favourable for the growth and expansion of fintech companies, which…

While Morocco saw dynamic demand for consumer lending immediately post-pandemic as retailers and foodservice outlets reopened their doors to consumers, from September 2022 the market has been impacted by soaring prices impacting purchasing power…

Gross consumer lending is expected to register growth in 2023, but with inflation continuing to be very high, it will not go far in terms of consumer spending. A new government has implemented some difficult decisions in order to stabilise the…

The year 2023 was another prosperous year for consumer lending in Norway although growth was lower than previous years. The exceptionally high levels of consumer lending seen in 2021 and 2022 were boosted by the shift back to normal lifestyles…

Consumer lending has sustained notable growth in 2023, albeit at a more tempered pace compared to the robust expansions witnessed in the preceding years. This growth encompasses both the outstanding balance and gross lending, surpassing pre-pandemic…

In 2023, Poland’s inflation rate remains in double-digits and many households are experiencing a deterioration in living conditions. The uncertain macroeconomic situation, high interest rates and the depreciation of real incomes has caused a slowdown…

Consumer lending in Romania for the year 2023 portrays a nuanced landscape influenced by several key factors. The confluence of increasing interest rates, high inflation, and the geopolitical context shaped by the Russian invasion of Ukraine has…

Consumer lending in Saudi Arabia is on the upturn, as the Kingdom has generally recovered from the aftereffects of the COVID-19 pandemic. Moreso, due to consumer behaviour and expenditures unwaveringly affected by the pandemic, along with 15% VAT,…

Consumer lending in Singapore is exhibiting positive growth in 2023, displaying a robust recovery from the pandemic's impact since 2022. Notably, card lending has emerged as a significant driver of growth in overall consumer lending, coinciding with…

Gross lending in Sweden registered positive, yet slower growth in 2022, as the uncertain economic environment, exacerbated by the Russian invasion of Ukraine, led to a decline in consumer confidence. In August 2022, the annual inflation rate soared…

In 2023, the total credit amount in Taiwan surged over the previous year. This figure has doubled since pre-pandemic levels at the end of 2019. Taiwan's financial landscape boasts a multitude of institutions holding significant liquid funds.…

Thailand consumer lending remains robust in 2023, with double-digit growth rates in gross lending as the category continues to recover from the COVID-19 pandemic. The rise in private consumption and the revival in tourism has led to an upturn in…

The cost of living crisis continues to shape consumer lending in 2023. With double-digit inflation still in play, consumers are paying much higher prices for goods and services in the Czech Republic. Card lending is rising as consumers struggle with…