Since the government has dealt with the COVID-19 situation comparatively well in Singapore, consumer lending is set to see further improvements in both gross lending and the outstanding balance in 2022, after already strong rebounds in 2021. However, the impact across the various lending categories has been mixed.
With increased economic uncertainty due to the pandemic, consumers are being more careful when it comes to big-ticket purchases such as vehicles, especially as the average unit price of petrol saw record-high increases in June 2022. Hence, according to the Euromonitor Mobility report, it is expected that unit sales will remain negative in 2022 due to fluctuations in demand amidst a volatile economy.
Other personal lending is set to see growth in 2022, especially amongst middle-income earners, as their lifestyles are more capital-intensive. Also, Singapore is nearing the end of the pandemic, and the majority of the world has been opening its borders, including Singapore, leading more Singaporeans to travel.
BNPL allows consumers to divide payments into multiple instalments at partner merchants’ bricks-and-mortar and online stores. This gained popularity in the midst of the pandemic, as it reduced the barrier to purchase and allowed consumers to enjoy the offered rewards.
Singapore is now moving towards the end of the pandemic, and the recovery of consumer lending to the pre-pandemic level is well underway. Hence, overall consumer lending in Singapore is expected to recover to the pre-COVID-19 level in terms of both the outstanding balance and gross lending in 2022 in current value terms.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Singapore 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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