Growth in gross consumer credit is likely to notably slow in Austria over the forecast period compared to the review period. While there will be growing demand for loans and immediate consumption, this will likely be significantly curbed by higher interest in line with changing policy by the ECB.
The forecast period will be impacted by uncertainty regarding the coming interest environment, while living costs are expected to remain at a significantly higher level seen prior to the war in Ukraine. However, this is not expected to end a generally increasing openness among local consumers towards applying for credit and loans.
Auto lending is likely to continue recording a subdued performance over the forecast period, lagging behind other categories, with predictions for stagnation in terms of gross lending (at constant 2022 prices). Along with potential for further consumer constraints, this is the result of a long-term development of continuing urbanisation and high investments in improving public transport and car sharing services, in addition to increasing environmental awareness among local consumers.
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Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.See All of Our Definitions
This report originates from Passport, our Consumer Credit research and analysis database.
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