Greater confidence in committing to debt and purchasing big-ticket items due to postponed purchases and pent-up demand means that consumer credit gross lending is predicted to record a more dynamic performance in terms of growth over the forecast period compared to the review period. This in turn will support further growth of outstanding balance, although in value terms (at constant 2022 prices), it is predicted to be weaker compared to gross lending as consumers are more likely to meet their repayment agreements in line with the recovery of disposable incomes and greater financial stability.
While public and private banks dominate consumer lending, non-banking financial companies (NBFCs) are expected to increase their presence within durables lending and auto lending, which will offer lucrative growth opportunities. Financial institutions are expected to create further partnerships with retailers and brands to provide lucrative offers and discounts to drive growth.
Despite a positive outlook for non-card lending over the forecast period, the latter is likely to offer more limited growth prospects compared to card lending due to increasing interest rates on loans. Furthermore, stricter lines of defence mechanisms by financial institutions are set to ensure that the number of non-performing loans decline in the coming years.
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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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