The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2020
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The sudden economic downturn resulting from the COVID-19 pandemic led to an abrupt decline in demand for consumer credit in Germany. Driven by the economic context, consumer credit immediately suffered from a significant drop in consumer confidence and the propensity to purchase big-ticket items via loans.
Consumer uncertainty and hesitation following the COVID-19 pandemic became particularly obvious in the declining demand for new cars, often purchased via loans. Therefore, in 2020, auto lending, as one of the biggest lending categories in terms of value, recorded a significant drop in gross lending compared to 2019.
As part of a stimulus package to counter the economic impact of the COVID-19 pandemic, the German government introduced a temporary cut in value-added-tax (from 19% to 16%, with the reduced rate falling from 7% to 5%) to boost domestic demand and spur consumer confidence. Announced to only be in place in the second half of 2020, the measure provided an incentive to take out loans for major purchases, thereby somewhat mitigating the economic downturn and declining demand for consumer credit.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Credit industry in Germany with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, with our detailed market analysis and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Credit industry in Germany, our research will save you time and money while empowering you to make informed, profitable decisions.
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Euromonitor’s Consumer Credit industry reports, originate from our Passport database, to find out more click here.
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.