There are positive dynamics in the consumer lending landscape despite the rapid interest rates increase. This is largely due to Czech people making the large-scale purchases that they postponed during the first two years of the pandemic when they were under greater stress and uncertainty.
One of the main trends in consumer lending in the Czech Republic in 2022 is the rise of digitalisation and fintech. Consumers are increasingly seeking credit online without visiting bank branches as such options are quick and easy to access, sometimes even accessible within minutes.
Mortgages experienced a unprecedented boom in 2021, underpinned by very low mortgage interest rates, and high demand for urban property ownership especially among the younger part of the consumer base. This in turn was driven by government support programmes, such as interest free mortgages for the first five years for people under 30.
The uncertainty of the Czech competitive landscape in the aftermath of the pandemic has been a strong disincentive to enter the industry or attempt to gain category share. Most players have sought to adopt a wait-and-see position, and as a result, the competitive environment has remained stable over the last couple of years, dominated by the usual roster of major banks and credit institutions.
There is expected to be slowdown in growth in consumer lending over the forecast period due to higher inflation and economic uncertainty. This will lead Czech people to reduce consumption, limit spending on non-essentials, and avoid credit obligations.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Czech Republic 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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