The Norwegian economy showed a faster recovery than many other European countries at the end of the review period. As the Coronavirus (COVID-19) public health crisis and related restrictions and measures eased, unemployment decreased and consumers shifted back towards pre-pandemic lifestyles.
There is perceived to be a growing risk of consumers being unable to pay off existing loans, or at least finding it very difficult to do so. This is exacerbated by already historically high levels of household debt and less financially secure consumers being quickest and most deeply affected by economic difficulties and fluctuations.
Home ownership is deeply ingrained in Norwegian society, and many people aim to buy their first apartment at a very young age by European standards. Therefore, despite frequent warnings of the slowing of price increases in the housing market, gross lending and outstanding balance continued to rise throughout COVID-19.
The competitive landscape in consumer lending is quite limited and it is difficult for new entries to find space. For instance, education lending remains a quasi-state monopoly due to regulation and strong education policy emanating from the government.
In general, a slowdown in consumer gross lending growth is expected in the forecast period, compared with the growth highpoints in categories between 2020 and 2022. The major reasons for the strong pressure on lending and borrowing include the War in Ukraine, inflationary pressure and rising costs of living.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Norway 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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