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Consumer lending and outstanding balance continues to grow despite a softening in Singapore’s economy, largely spurred by growth in mortgages, card and education lending. There is strong societal pressure in Singapore to own a house, with mortgage lending being the most serviced and most applied for by Singaporeans regardless of the country’s economic condition.
Alternative financial service providers find it increasingly difficult to conduct business
Licensed moneylenders form the bulk of Singapore’s alternative financial service providers, and are most sought after by individuals who are deemed credit unworthy by local banks. Licensed moneylenders tend to conjure up a negative image among Singaporeans, as they often associate non-bank moneylenders with high interest rates and aggressive loan retrieval methods.
Non-performing loans expected to decline as government tightens lending rules
With average household debt rising steadily, the government has rolled out several rule revisions and new rules, and extended many facilities to keep potentially high default rates in check. Limits on unsecured lending, first implemented in 2015, have helped prevent consumers from being burdened by excessive card lending debts, with the full implementation of these rules by June 2019 expected to have a strong impact on card lending growth.
Outstanding balance expected to experience slower growth as consumer debt awareness rises
Consumer credit outstanding balance is expected to record slow growth over the forecast period as compared to gross lending balance, largely attributed to the increase in consumer debt awareness following recent educational efforts by the government, as well as the various rule implementations and revisions to tackle rising household debt. Card lending and durables lending outstanding balance are expected to experience strong declines over the forecast period, largely because of the new rules as well as shifting consumer habits.
Mortgage lending growing but future growth impacted by various factors
Mortgages/housing gross lending and outstanding balance continue to grow, due to perennial demand for most Singaporeans to own their own homes despite high housing prices. Interestingly, the number of mortgage loans issued by Singapore’s public housing board, the Housing & Development Board (HDB), has decreased significantly over the review period.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in Singapore with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Lending industry in Singapore, our research will save you time and money while empowering you to make informed, profitable decisions.
The Consumer Lending in Singapore market research report includes:
Analysis of key supply-side and demand trends
Historic volumes and values
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
What is the market size of Consumer Lending in Singapore?
What are the major trends set to impact the market in Singapore?
What capacity for consumer debt still exists in the market?
What’s the state of credit quality in the market?
Has the economic downturn reset the lender competitive landscape?
Why buy this report?
Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions