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 ECB interest rates and high energy prices served to erode consumer confidence, as well as disposable incomes.
Consumer lending was also impacted by the growing propensity of Italian consumers to use digital technology. This trend was facilitated by the COVID-19 pandemic with consumers applying for loans and other credit lines through a range of different channels.
Buy now, pay later (BNPL) services in Italy, which allow consumers to distribute payments over a defined period of time, continued to perform well in 2023. Such services tended to be favoured by younger consumers, due to their ability to provide greater flexibility than traditional payment options, allowing consumers to spread the cost of their purchases over interest-free instalments.
Mortgages/housing recorded a contraction in terms of gross lending in 2023. This was due largely to increases in interest rates, and the reduced willingness of Italian households to take on new credit, given the continuation of the climate of uncertainty linked to the geopolitical and macroeconomic context.
During the forecast period, consumer lending in Italy is expected to register an improved performance in constant value terms (2023 prices), in terms of both gross lending and outstanding balance. Much of this anticipated growth will be driven by improving economic conditions, including an anticipated fall in interest rates and the moderation of retail prices.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Italy 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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