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Norway’s economy continued to experience solid growth in 2019 with rising employment and ongoing investment in oil following the oil price decline seen in the middle of the decade. Real GDP growth is predicted to be higher than in 2018.
Higher utility prices and mortgage interest rates support consumers’ greater reliance on consumer credit
In 2019, consumer lending accelerated, in both gross lending and the outstanding balance. Consumer confidence is faltering despite good growth in the Norwegian economy.
Expansion of consumer lending automation is gentle
Digitalisation continues in consumer lending in Norway, but no major innovation was seen in 2019. Banks and other players continue to use automation to process credit card applications based on consumers’ credit record.
The uptake of mortgages accelerates
Mortgages in Norway are becoming more expensive due to interest rate rises. Many customers are choosing to switch from variable to fixed rates in fear of further interest rate increases.
Slower growth predicted for consumer lending as measures are undertaken to avoid over-indebtedness
Steady growth is expected for consumer lending over the forecast period, but at a slower rate than in the review period for both the outstanding balance and gross lending. Consumers are slowly becoming more aware of the danger of too much debt and will continue to take steps to reduce it.
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Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in Norway with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Consumer Lending industry in Norway, our research will save you time and money while empowering you to make informed, profitable decisions.
The Consumer Lending in Norway market research report includes:
Analysis of key supply-side and demand trends
Historic volumes and values
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country
Our market research reports answer questions such as:
What is the market size of Consumer Lending in Norway?
What are the major trends set to impact the market in Norway?
What capacity for consumer debt still exists in the market?
What’s the state of credit quality in the market?
Has the economic downturn reset the lender competitive landscape?
Why buy this report?
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