The economic instability within Portugal will likely impact the growth potential of consumer lending at least in the early part of the forecast period. With inflation and interest rates rising, consumers are likely to be more restrained in their spending, with this translating into a lower demand for credit than expected at the beginning of 2022.
The simplification of procedures, a reduction in bureaucracy, growing digitalisation and the development of solutions centred on mobile devices will likely all have an influence on the consumer credit landscape over the forecast period. Competition is unlikely to lose steam as new and existing players constantly look to invest in new campaigns or online approval systems to boost their share.
With rising inflation rates and the drop in consumers’ disposable incomes, Buy Now Pay Later services are expected to increasingly be seen as a solution both for consumers as well as for retailers looking to boost sales. The penetration of credit cards in Portugal is low compared to other countries which may be another positive for Buy Now Pay Later services which offer short-term borrowing solutions rather than the pressure of a more significant credit agreement.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Portugal 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.
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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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