In 2022, soaring oil prices caused by the war in Ukraine have benefitted the economy, but global inflation is also feeding into high inflation in Colombia, with a strong US dollar compounding the situation and making imports very expensive. As a consequence, interest rates are also increasing.
As said above, the banked population has increased as a result of the pandemic and it has also helped to digitise the approval process for a loan. During lockdowns, financial entities introduced or expanded digital services to meet consumers’ needs when they were unable to visit branches in person and these digital processes are now becoming the norm.
Women take out more credit loans than men, across all levels of consumer credit, though the percentage of women taking out consumer loans is lower for larger amounts. in terms of age, younger people, that is borrowers under 35 years of age, are the most frequent borrowers for smaller loans, which is unsurprising as younger people in general have less disposable income, having only worked a few years.
Mortgage/housing loans are expected to be the fastest growing lending product in terms of current value growth in 2022, continuing the recovery post pandemic. With people working again, loan approvals are on the up.
There will be moderate growth in consumer lending over the forecast period, though the uncertain economic climate caused by the war in Ukraine is leading to uncertainty, and if interest rates continue to climb as significantly as in 2022, there will be a slowdown in growth in consumer lending. Durables will see the highest growth, followed by mortgages.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Colombia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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 Definitions
This report originates from Passport, our Consumer Lending research and analysis database.
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