Consumer lending in Singapore is exhibiting positive growth in 2023, displaying a robust recovery from the pandemic's impact since 2022. Notably, card lending has emerged as a significant driver of growth in overall consumer lending, coinciding with the country's ongoing shift towards digitalisation.
The revival of travel is one of the key growth drivers contributing to the continuous growth of consumer lending in 2023. The resumption of travel and tourism activities across the Asia Pacific region has led to a rapid increase in travel expenditure, thereby fuelling the overall expansion of card lending and consumer credit in Singapore.
The prevailing high interest rates in Singapore have resulted in an escalation of mortgages/housing costs, causing concern among consumers. The anticipation of higher mortgages/housing repayments has had a significant impact on consumer sentiment, increasing apprehension regarding the affordability of property in the local market.
Buy Now Pay Later (BNPL) is experiencing significant growth and making its mark in the consumer lending landscape of Singapore. It offers consumers, particularly younger generations and individuals who may not meet the eligibility requirements for traditional bank loans or credit cards, a convenient and accessible avenue for personal lending.
With Singapore's ongoing digital transformation, the convergence of technology and lending services is significantly transforming consumer lending in the local market. This transformation is driving growth and expanding financial access and flexibility for individuals.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Singapore 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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