The costs of households have continued to rise across the board in 2023 due to the change in tone of the monetary policy of the European Central Bank, which increased interest rates four times during 2022 and 2023, resulting in rising interest rates on mortgages and consumer credit.
There is notable shift to renting rather than purchasing cars, which is impacting auto lending. Government policies to combat climate change and support sustainable development resulted in restrictions of fossil fuel cars in the central areas of large cities and the enhancement of the infrastructure for electric car charging stations.
The outstanding mortgage debt for the purchase or renovation of properties declined for the first time in several years as homeowners are repaying their mortgages early with savings accumulated during the pandemic in order to avoid the rise of the Euribor. In term of gross lending, there were fewer contract signed; however, due to the rise in interest rates, value sales continued to increase.
According to a recent study by Clearpay, Millennials and Generation Z consumers want to spend responsibly, without the stress of debt or credit card interest. They are consequently attracted to buy now play later (BNPL) programmes due to their simplicity and ease of access, thereby increasing the share of BNPL in other personal lending.
Card lending is expected to continue to grow over the forecast period, supported by extended services offered by financial institutions under BNPL. More financial institutions are offering deferred payment options for both credit and charge cards.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Spain 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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