The cost of living crisis continues to shape consumer lending in 2023. With double-digit inflation still in play, consumers are paying much higher prices for goods and services in the Czech Republic.
Sustainable financial products is one of the latest developments in personal lending, which is being used to attract new clients and support the ecological behaviours of existing clients. Hello Bank has introduced a new line of products designed to motivate clients to consume more sustainably and appeal to the eco-conscious.
Mortgage lending declined in 2022 and has remained stagnant in the first half of 2023 as house-buyers were put off by high interest rates. Mortgage interest rates averaged at 6% in 2023, resulting in increased repayments for already financially stretched borrowers.
Consumer awareness of Buy-Now-Pay-Later (BNPL) financing still remains low in the Czech Republic, but this is slowly changing. The well-developed e-commerce channel and relatively low penetration of credit cards is driving consumer interest in BNPL, and operators are tapping into this demand.
Interest rate growth is expected to plateau in the Czech Republic during the forecast period, but rates will remain high compared to earlier in the review period. This will dampen demand for consumer lending after a period of low interest rates.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Czech Republic 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.
If you're in the Consumer Lending industry in Czech Republic, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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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