Consumer lending in Romania for the year 2023 portrays a nuanced landscape influenced by several key factors. The confluence of increasing interest rates, high inflation, and the geopolitical context shaped by the Russian invasion of Ukraine has collectively dampened Romanians' enthusiasm for consumer loans in 2023.
As technology simplifies and expands its reach into both online and offline retail, consumers are increasingly drawn to the offerings available. Notably, Revolut's success in launching personal consumer loans toward the end of the review period has been a catalyst for technological and digital advancements in consumer lending within Romania.
The mortgage market in 2023 experienced a stagnation in the number of borrowers, primarily attributed to the increase in interest rates. Despite this, the market showed low growth due to loans refinancing; however, there was an overall decline in the number of new loans approved.
One of the prominent trends in the consumer lending landscape of Romania during 2023 revolves around the rapid rise of digitalisation and fintech, profoundly impacting consumer behaviour and preferences.
The forecasted period is expected to witness a deceleration in consumer lending growth, attributed to sustained high interest rates and prevailing economic uncertainty. Romanian consumers are likely to scale back their spending, limiting consumption and reducing expenditures on non-essentials.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Romania 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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