PROSPECTS AND OPPORTUNITIES
Newcomers to Canada will continue to drive credit demand
The government of Canada is committed to continue attracting qualified workers from foreign countries in the upcoming years All newcomers to Canada require a credit product, usually a credit card, to cover daily expenses and to start building a credit history that can support larger credit requests in the future. In addition, financial institutions understand that this segment represents a significant opportunity to build longer and deeper relationships, as these clients are likely to expand their credit needs as they settle in Canada.
Lower interest rates to release pressures on consumers
As of July 2024, Bank of Canada announced rate cuts in two consecutive meetings for a total of 0.5% and has confirmed that as inflation continues to be under control more rate cuts are expected.
BNPL gaining greater ground among younger consumers
Canadians will continue to become more familiar with BNPL options, showing greater interest in its differences with revolving credit products. For example, BNPL services can usually be accessed almost instantly online or at the point-of-sale and can be used to pay for a much broader (and less expensive) range of products and services.
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Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Canada 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 Credit industry in Canada, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
The Consumer Credit in Canada report includes:
- Analysis of key supply-side and demand trends
- Detailed segmentation of international and local products
- Historic volume and value sizes, company and brand market shares
- Five year forecasts of market trends and market growth
- Robust and transparent research methodology, conducted in-country
This report answers:
- What is the market size of Consumer Credit in Canada?
- What are the major trends key to understanding Consumer Credit in Canada?
- How has COVID-19, recession and macroeconomic volatility impacted the market?
- How long will the market take to recover? What are the opportunities now?
- How will political context and shifting cultural values shape future growth?
- Where is future growth expected to be most dynamic?
Consumer Credit in Canada - Category analysis
KEY DATA FINDINGS
Canadian credit market peaks in terms of participation
Outstanding balance reaches new high
Rising digital fraud leads to tighter approval criteria
Newcomers to Canada will continue to drive credit demand
Lower interest rates to release pressures on consumers
BNPL gaining greater ground among younger consumers
Consumer Lending in Canada - Industry Overview
Consumer lending in 2024: The big picture
2024 key trends
Continued high living costs and interest rate pressures take their toll
Restrained risk appetite on the part of lenders despite increasing credit demand
Flexible home equity lending product leads volume transactions for new credit issued
What next for consumer lending?
DISCLAIMER
The following categories and subcategories are included:
Consumer Credit
- Auto Lending
- Card Lending
- Durables Lending
- Education Lending
- Home Lending
- Other Personal Lending
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsWhy buy this report?
- Gain competitive intelligence about market leaders
- Track key industry trends, opportunities and threats
- Inform your marketing, brand, strategy and market development, sales and supply functions
This report originates from Passport, our Consumer Credit research and analysis database.
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