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...
Greece’s consumer lending industry faced a tough year during 2020 as the negative economic impact of the COVID-19 pandemic discouraged consumers from borrowing money, unless absolutely necessary. Many people in Greece still harbour bitter memories of the 2008-2009 sovereign debt crisis, which ruined the finances of many households and left...
COVID-19 has hit Hong Kong’s economy hard with GDP expected to decline by 6% in 2020, with unemployment set to rise and many businesses being forced to close. With consumer confidence severely impacted by COVID-19’s impact on the local economy consumers have shown a reluctance to take on additional borrowing, with uncertainty around how long...
While outstanding balance will continue to increase at a similar rate to a year earlier in 2020, gross lending will see a marked slowdown. Not only was it difficult for many consumers in China to spend large amounts on non-essential goods during the local lockdowns they were experiencing, but consumers will also be curbing their spending,...
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 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...
Morocco’s consumer lending market recorded positive growth in outstanding balance and gross lending terms in 2020, although at a slower pace than what was recorded in 2019. The COVID-19 pandemic made many people more reluctant to engage with consumer credit, while at the same time encouraging others to borrow money as a way of supporting their...
The impact of COVID-19 on consumer lending in Nigeria cannot be overstated as the local economy was impacted by recession following various lockdown measures, resulting in rising unemployment and decreasing disposable incomes. Mainstream financial service providers were already apprehensive about lending at the beginning of 2020, with most...