Consumer lending is being driven by increasing consumer expenditure in 2022 in line with an easing of pandemic-related restrictions in Austria. This is resulting in the greater resumption of socialising, and the return to previous shopping and travel habits.
In response to the high inflation in the Eurozone, the ECB (European Central Bank) increased the key interest rate in July 2022. This marked the end of a long period characterised by extremely low interest rates that date back to the economic crisis of 2008, and is likely to make loans significantly more expensive in Austria.
Growth in gross lending for mortgages/housing has slowed significantly in 2022, mainly driven by a new law that came into force in August. In the face of rapidly rising real estate prices and growing interest rates, the National Bank has increasingly warned about the greater possibility of non-performing loans, leading to stricter regulations for borrowers.
Despite the changing interest environment, uncomplicated consumer credit is being prominently marketed in 2022, especially by specialised players such as Der Faire Credit and Santander Consumer Bank, or direct banks such as Easybank. Traditional banks continue to play a major role but are largely limited in their offering of loans to existing account holders.
The war in Ukraine and the related energy crisis in Europe, resulting in a strong increase in living costs, provides a high level of uncertainty for the near future in terms of consumer lending in Austria. Furthermore, it remains to be seen whether changing ECB interest policy will make consumer credit less attractive, in addition to a higher level of rejections for consumers applying for credit.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Austria with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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