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 post-pandemic, with credit sought out to fuel travel, new cars and other expenses.
Changes in taxation has boosted car sales since the end of 2022, although there has not been a significant increase in auto lending in 2023. Auto lending is one of the largest categories in Norway, typically accounting for around 40% of all non-card lending.
Home ownership is deeply ingrained in Norwegian society, and many people aim to buy their first apartment at a very young age by European standards. Property is seen by most consumers as a safe and steady investment, but further interest rates rises in 2023 are causing a slowdown in mortgages/housing gross lending.
The Buy-Now-Pay-Later (BNPL) financing solution has gained prominence in Norway, with Swedish firm Klarna penetrating the market and achieving strong growth. The BNPL option is well suited to e-commerce, which is a growth area in Norway for goods and services.
The COVID-19 pandemic and the war in Ukraine has shown that unexcepted events can have a big impact on the economy and consumer lifestyles, but they can also lead to fluctuations in consumer lending. In 2023, the forecast for consumer lending in Norway appears positive.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Norway 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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