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 Russia-Ukraine war, which have combined to create an environment of economic uncertainty in which consumers are wary to acquire debt.
Consumer demands and shopping patterns regarding their home investments have changed. Whereas there was a focus on DIY and home comforts during the era of the pandemic, consumers are now targeting their home investments into energy efficiency which will both save them money in the long run and also be more eco-friendly.
The number of granted real estate loans is declining in mortgages/housing, although it is difficult to observe this in the figures due to the inflationary factors. As such, despite this perceived value growth, actual volumes are declining – especially when comparing the early months of 2023 to the same period in 2022.
Buy now pay later options are continuing to attract scrutiny and mistrust. Before 2023, BNPL services were often used for purchases over EUR200 and appeared to offer advantages to consumers.
Growth will likely remain positive for consumer lending during the next five years – paradoxically thanks to the artificial bolstering effect of inflation. However, in the case of persisting inflation, the European Central Bank (ECB) will continue to upsize its interest rates, which will have a direct impact on all kinds of credit.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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