Initiatives related to promotional programmes will continue driving consumption in Mexico in the forecast period. Given that the main driver of growth in consumer credit in Mexico is the need to cover basic household necessities and stretch incomes to meet additional expenses, the industry strives to carry out promotional campaigns that encourage sales and attract consumers to opt to use the cards offered by major banks or operators.
The digital bank of Santander Group, known as Openbank, announced in mid-2023 that it has obtained a banking license from Comisión Nacional Bancaria y de Valores (CNBV) to commence its operations in Mexico. In this way, this new digital player is preparing for its launch in 2024.
Mexico sees opportunities in financial inclusion, due to the lack of competition in the banking sector; a bank’s offer could exclude various social groups, such as women, youth, rural populations, informal sector workers, and small and medium-sized enterprises. This opportunity is being harnessed thanks to technological alternatives and advances in connectivity offered by new digital players in the financial sector.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Mexico with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in Mexico, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
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 DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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