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 extend credit to consumers without a credit history and without imposing additional restrictive requirements, especially within the context of above-average inflation.
Consumer lending in Mexico has been experiencing robust growth, driven by factors such as improving employment, business performance, and rising wages. However, growth is expected to encounter limitations due to the constrained capacity of individuals to repay, particularly in the face of rising prices for essential goods.
The increasing role of fintech companies in Mexican financial services is playing a significant part in financial inclusion, as these offer more flexible access to consumer credit, providing opportunities for individuals who may have difficulty meeting the strict requirements of traditional banks. In addition, the expansion of digital banking, as seen with the entry of digital players such as Nubank and Openbank, is contributing to the democratisation of financial services and education, potentially reaching underserved social groups.
Promotional and loyalty programmes are continuing to drive consumer spending in Mexico. Retailers actively conduct campaigns to increase sales, especially during events such as Buen Fin, Black Friday, and Cyber Monday.
Banks are committed to offering more attractive interest rates and improved sales conditions for those interested in acquiring green mortgages, which are mortgages intended for the purchase of environmentally friendly homes. The boom in sustainable housing development in Mexico has attracted the attention of these institutions, which are competing to offer significant advantages to potential customers of green mortgages.
Initiatives related to loyalty programmes are expected to continue playing a pivotal role in Mexico’s consumer lending landscape, where credit cards from major banks and operators are instrumental in covering essential household expenses. These programmes, often tied to department store and airline credit cards, offer compelling incentives.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
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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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