Gross lending in Sweden registered positive, yet slower growth in 2022, as the uncertain economic environment, exacerbated by the Russian invasion of Ukraine, led to a decline in consumer confidence. In August 2022, the annual inflation rate soared to almost 10%, the highest in more than 30 years.
Towards the end of the review period, the Swedish authorities became increasingly concerned about the high level of household debt in the country, particularly amongst vulnerable consumer segments. To this end, in mid-2020, new legislation came into force to encourage consumers to take on less credit.
Unlike many other forms of consumer lending, mortgages were relatively unaffected by the COVID-19 pandemic, with consumers remaining interested in buying new homes. Growth was boosted by the introduction of a temporary exemption from the amortisation requirement in spring 2020, given the exceptional uncertainty surrounding the Swedish economy in the wake of the pandemic.
Sweden is home to one of the largest BNPL service providers, Klarna, and possesses one of the highest levels of penetration of this type of payment method. BNPL is strongly favoured by younger consumers, due to its ability to provide greater flexibility than traditional payment options.
Consumer lending is expected to see more growth over the forecast period, in terms of both gross lending and outstanding balance. High levels of inflation, interest rate hikes and rising food and energy prices will have a negative impact on consumer purchasing power, with the result that Swedes will become more reluctant to take on new debt.
Delivery:
Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).
This report comes in PDF with additional info in Excel included.
Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Sweden 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 Sweden, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!