The COVID-19 outbreak had a significant impact on consumer lending in Russia, with self-isolation and lockdown measures making it difficult for consumers to apply for loans. Consequently, many Russians postponed purchases of some non-essential goods, although various government programmes helped to support demand.
Restrictions to prevent the spread of COVID-19 were introduced gradually in Russia. The entry of Chinese citizens was banned from 20 February, with this being extended to Iranians from 28 February and South Koreans from 1 March.
Over the review period, consumer lending saw healthy growth in Russia in line with rising disposable incomes and economic expansion. With low interest rates helping to boost demand, leading banks increasingly focused on consumer lending to boost revenues, thus fuelling overall growth.
In response to the crisis and lockdown measures, Russian consumers have been turning towards the internet for all kinds of purchases and services. This also applies to consumer lending, with the share of loans initiated online growing significantly in 2020.
The COVID-19 pandemic has had a relatively small impact on the performance of mortgages/housing loans in 2020 compared to other areas such as auto lending and consumer credit in general. This can be attributed to still relatively strong demand for new homes and the fact that prices remain fairly stable.
*The economic impact of COVID-19 is expected to negatively influence growth within consumer lending over the forecast period. Although there is still a high level of uncertainty regarding economic recovery, unemployment rates are likely to continue rising, thus negatively impacting disposable incomes and willingness to take on debt.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Russia with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Lending industry in Russia, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Consumer Lending research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page