The growth of gross lending in consumer lending for 2023 is moderate and slower than what was anticipated a year ago. Factors such as surging inflation, an escalating energy crisis exacerbated by the Russian invasion of Ukraine (with its effects fully realised in 2023), and a significant spike in interest rates have collectively impeded the pace of growth.
Digital loans, which were introduced and have rapidly gained traction in recent years, remain at the forefront of consumer lending developments in 2023. One out of every four consumer loans is now digital.
In 2023, there has been a noticeable slowdown in the gross lending of mortgages, primarily due to challenging market conditions. The most significant factor impacting the market is the hike in interest rates, driven by the increase in Euribor.
Since its introduction to the Greek market in 2022 by Klarna and TBI Bank, Buy Now, Pay Later (BNPL) has continued to evolve as a significant service, offering customers increased flexibility and control over their repayments. In 2023, BNPL has become one of the prominent trends in the consumer finance ecosystem, exerting an impact on the card landscape.
The advent of successive crises, including the COVID-19 pandemic, the Russian invasion of Ukraine, soaring energy costs, persistent inflation, and a rise in interest rates, has profoundly impacted the market, prompting a newfound sense of caution and conservatism among market officials. In this altered landscape, consumer lending is expected to continue its upward trajectory in terms of gross lending over the forecast period.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Greece with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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