The most important development in Poland’s consumer lending market during 2022 were the ten interest rate increases that were imposed by the country’s central bank between October 2021 and July 2022. The interest rate increases and the new recommendations of the Polish Financial Supervision Authority (KNF) have severely limited the availability of consumer credit and mortgages/housing loans.
Data from the Polish Credit Information Bureau (BIK) indicates that in the period from January to May 2022, among loans granted by banks and credit unions, only cash and instalment loans recorded an increase in volume and value. On the other hand, declines were observed in card lending over the same period.
2022 saw a significant drop in the number of Polish people applying for a mortgage/housing loan. This decline is due mainly to deteriorating consumer sentiment and the lower creditworthiness of many would-be borrowers.
Recent years have seen visible growth in e-commerce in Poland and while this trend was already in effect before the onset of the COVID-19 pandemic, demand for e-commerce has boomed massively since the peak of the pandemic. Consumers are engaging with e-commerce on a more regular basis, while they are also spending more money online as their shopping and spending habits are gradually shifting to the online channel.
Slow growth is expected to be seen across Poland’s consumer lending market during the forecast period. One major reason for this negative scenario is that access to consumer credit is likely to be hampered by high interest rates and recommendations that more stringent financial supervision should be mandatory when extending consumer loans.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Poland 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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