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 emergence of COVID-19 in Malaysia and the subsequent lockdown measures (or the Movement Control Order - MCO) resulted in unemployment for many consumers involved in the tourism or hospitality sectors due to the closure of borders and home confinement measures, while others saw their disposable incomes decrease, resulting in their inability to make repayments on loans which they had taken out prior to the pandemic. This scenario led to huge declines in gross lending for auto, card and durables lending and a notable rise in outstanding balance across consumer lending as Malays increasingly found it increasingly difficult to make their monthly payments.
Banks have continued to look at ways to support customers who are unlikely to quickly recover in terms of employment status or return to financial stability, with a number of institutions extending favourable terms for repayments; Public Bank has since issued its intention to support customers further, including those who are employed but still in financial difficulties, to reschedule their repayment terms with lower monthly instalments up until January 2022; therefore, customers affected by a 50% or more reduction in cash flow were permitted to pay 25% of their existing monthly repayment figure between October 2020 and March 2021, to be followed by 50% of their existing monthly repayment plan between April 2021 and December 2021 before fully resuming all existing repayment terms from January 2022 onwards.
The government also addressed concerns over financial instability following the emergence of the pandemic, and the need to not only support struggling consumers but also the economy with its fourth financial stimulus package called Penjana, a short-term economic recovery plan which it announced on 5 June 2020 worth MYR35 billion.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Credit industry in Malaysia 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 Malaysia, 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.