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 moreJun 2014
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The developed world has the largest consumer lending markets, but growth is slowing as borrowing takes off in emerging markets. In emerging markets, the story is about moving the unbanked into the financial mainstream, but this newfound access to credit also poses challenges.
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Globally, consumer lending debt stood at US$37.3 trillion in 2013. North America was the largest consumer lending market in terms of debt in 2013, with an outstanding balance of US$14.5 trillion, followed by Western Europe.
Gross mortgage lending as a share of consumer lending has steadily fallen from its high in 2003 as the mortgage industry collapsed. In 2010, card lending surpassed mortgages as the top lending type and has since expanded its lead.
The arrival of financial cards to emerging markets not only gave many consumers a new way to pay, but it also gave them easy access to credit. Consumers could now more easily pay at a later date for a purchase. Of course, this newfound access to credit came with its own set of challenges.
Three Latin American countries ranked in the top 10 for the fastest growth in card lending debt since 2008. In addition, out of the top 15 markets with the greatest reliance on card lending as of 2013, four are Latin American markets.
Three of the top markets worldwide for the highest level of indebtedness are in Scandinavia, which includes Denmark, Norway and Sweden. When taken together, the debt in the three markets stood at 190% of income as of 2013.
North America is projected to remain the largest consumer lending region in terms of debt, with an outstanding balance of US$17.2 trillion in 2018, followed by Western Europe.
The continued economic stagnation in Europe coming on the heels of the European debt crisis continues to hurt future consumer credit growth prospects in those markets.
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.