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Learn moreNov 2020
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COVID-19 had a direct impact on consumer credit in Thailand during 2020 as the economic pressures that emerged in the wake of the pandemic led to many banks and other lenders becoming more circumspect in terms of their willingness to lend money. This was mainly due to the perceived higher risk of non-performing loans among the country’s lenders as the Thai population faced widespread economic uncertainty and in many cases diminished incomes due to the COVID-19 situation.
Although consumer credit generally came under severe pressure due to the COVID-19 situation during 2020, it was auto lending that bore the brunt of the declines seen in gross lending and outstanding balance. This is mainly because buying a new car is often seen as a luxury purchase, while the rapid depreciation that new current in particular are subject to also means that they are widely seen as a bad investment.
Faced with a bleak economic outlook for 2020 due to the COVID-19 pandemic, the Thai government sought to support consumers during the post-COVID-19 economic downturn by reducing the interest rates on personal loans and housing loans/mortgages in an effort to make borrowing more affordable to provide impetus for the flagging national economy. In addition, the Bank of Thailand sought to encourage borrowing via card lending by forcing the country’s credit card companies and banks to reduce their maximum interest rate from 18% to 12% during 2020.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Credit industry in Thailand with research from Euromonitor's team of in-country analysts.
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If you're in the Consumer Credit industry in Thailand, our research will save you time and money while empowering you to make informed, profitable decisions.
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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.