The COVID-19 pandemic had a negative impact on Vietnam’s economy during 2020 as the official response to the pandemic led to a major interruption of commercial activity in various key sectors of the national economy. Nevertheless, the direct impact of the pandemic on the consumer lending industry was not particularly pronounced. Consumer...
Consumer lending in South Korea has been strongly impacted by the COVID-19 pandemic, with government restrictions and lockdown measures limiting demand for loans. Like in other countries, many consumers in South Korea decided to postpone taking on credit and purchasing non-essential goods. On the other hand, the scale of the crisis has been...
After steady growth throughout the review period, consumer lending in Canada is expected to record its first decline since 2011 in 2020 as a direct result of the financial and economic impacts of the Coronavirus (COVID-19) epidemic. Consumer credit will drive the decline, with auto lending likely to witness a steep, double-digit fall over...
In 2020, the outbreak of COVID-19 led to a sudden slowdown in consumer lending in Germany, thereby altering its long-lasting value growth trajectory. This was due to the immediate economic impact of COVID-19, which reversed the key drivers for the growing propensity of German consumers to take out loans in recent years. Income losses and a...
New Zealand Retail Banking, 2020 Update - Review, Forecasts and Future Opportunities Summary Growth in New Zealand’s retail banking sector has been strong over the past decade. COVID-19 threatens to impact growth in 2020, but clear and coherent government policy as well as organized track and trace...
2020 was a mixed year for consumer lending. COVID-19 has meant that, in general, gross lending slowed down, particularly as mortgages had already started experiencing a slowdown as a result of social unrest towards the end of 2019. Furthermore, the market struggled with uncertainty caused by the expected resurgence in March as well as the...
Negative growth was recorded across the Peruvian consumer lending industry during 2020 as the COVID-19 pandemic had a very detrimental impact on the willingness of people to borrow money. Consumer Lending in Peru report establishes the size and structure of the market for ATMs cards, smart cards, credit cards, debit cards, charge cards,...
The COVID-19 pandemic definitely had a strong influence on Ukraine’s consumer lending market during 2020. In particular, the economic uncertainty that has emerged in the wake of pandemic has discouraged banks from issuing new loans. This reluctance to lend unfortunately come at time of increased demand for consumer credit among Ukrainians...
The COVID-19 pandemic exerted a strong and wholly adverse impact on the Israeli economy during 2020, although the influence of the pandemic on consumer lending was rather more complex and not entirely negative. Among the main factors that emerged during the year to influence the consumer lending market was the dramatic spike seen in the unemployment...
In 2020, the COVID-19 outbreak led to a sudden slowdown in consumer lending in Austria, with the pandemic significantly reducing appetite among consumers to take on debt. Declining incomes and rising uncertainty over economic prospects also negatively impacted demand for loans. Consumer Lending in Austria report establishes the size...