COVID-19 has been having a strongly negative impact on gross lending in consumer lending in 2020. On the one hand, many purchases, particularly larger ones, were difficult to make during the lockdown period in the earlier part of the year, with consumers also concentrating more on buying necessities at this time.
The whole of Italy was declared a protected area by decree and placed under lockdown from 9 March. This extended the restrictions already in force in Lombardy and the 14 northern provinces most affected by COVID-19.
The low interest rates on mortgages saw 2020 start well, but during lockdown and the general problems surrounding the COVID-19 pandemic in the first half of the year, there was a steep declining trend for mortgage/housing gross lending. On the other hand, the low interest rates saw a strong rise in subrogation in 2020.
Ecobonus 110% has been an important measure launched by the government in order to sustain the economy during the COVID-19 pandemic, offering consumers the possibility of taking advantage of tax relief when spending on their homes. The programme enables consumers to claim a tax deduction of 110% for any work they have carried out on their homes to improve energy efficiency or reduce seismic risk.
Players are increasingly investing in digital solutions in order to offer personal loans in “real time” to consumers in a matter of minutes. Over the forecast period it is expected that financial institutions will progressively provide consumers not only with a good product offer but also the best customer experience.
Over the forecast period, COVID-19 is still expected to be impacting consumer lending. However, this could be in a positive way, given many categories will see positive growth due to the fact that consumers were postponing purchases and investments in 2020, and particularly during the lockdown period.
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This report originates from Passport, our Consumer Lending research and analysis database.
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