Consumer lending in Italy registered positive, yet slower growth in 2022, as ongoing economic uncertainty in the aftermath of the COVID-19 pandemic led many consumers to remain cautious about making any large purchases. Factors such as high inflation rates, increasing ECB interest rates, high energy prices, and worries of a potential recession served to erode consumer confidence, as well as disposable incomes.
Mortgages experienced a positive growth trend in 2022, in terms of both gross lending and outstanding balance. At the same time, there was an increase in the amounts disbursed, with a focus on younger consumers.
The escalation of “buy now, pay later” (BNPL) services in Italy, which allow consumers to distribute payments over a defined period of time, was a notable trend in 2022. Such services tended to be favoured by younger consumers, due to their ability to provide greater flexibility than traditional payment options, allowing consumers to spread the cost of their purchases over interest-free instalments.
Consumer lending was also impacted by the growing propensity of Italian consumers to use digital technology. This trend was facilitated by the COVID-19 pandemic with consumers applying for loans and other credit lines through a range of different channels.
During the forecast period, consumer lending in Italy is expected to register a positive performance, in terms of both gross lending and outstanding balance. Much of this anticipated growth will be driven by a return to pre-pandemic lifestyles, with consumers undertaking projects and purchases that they had postponed during the pandemic.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Italy 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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