Consumer Credit in Spain

2020 IMPACT

Consumer confidence declines during the COVID-19 epidemic

The financial and economic impacts of the COVID-19 epidemic are forcing many consumers to significantly cut back on their discretionary spending in 2020, particularly on big-ticket items such as automobiles and durables. Discretionary spending is not a priority for many Spaniards as the country was badly hit by the global pandemic.

Spaniards avoid large new commitments during the COVID-19 epidemic

Many Spanish consumers are clearly avoiding all types of new borrowing commitments during the COVID-19 pandemic and focusing their expenditure on essentials such as food and hygiene products. Auto lending and home lending are both set to witness massive declines in 2020 as a result.

Stronger increase in outstanding balance in 2020

The outstanding balance in Spain had been declining over the early part of the review period as many consumers looked to pay off existing debt after their experiences of the economic difficulties Spain had faced prior to this period. However, the outstanding balance had begun to creep up in 2018/2019 as consumer confidence began to recover.

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