Given that the main driver of growth in consumer credit in Mexico is the need to cover basic household necessities and stretch incomes to meet additional expenses, it can be expected that in the event of a loss of stability in the country’s economy, as a result of the change of government and other political factors, consumer credit is likely to benefit from a greater number of Mexicans adopting this alternative; however, the risk of growth in the percentage of debtors could also increase. It will be the responsibility of the different players, both traditional and digital, to continue promoting inclusion by making services available to the Mexican population that help them face any adversity, whilst minimising the risk of default in their operations.
The banking industry has evolved towards offering a more agile and accessible environment for users, driven mainly by the rapid emergence of neobanks and digital banks, which by promoting financial inclusion have reduced barriers, and expanded the population’s access to financial services. Although this trend is expected to continue in the forecast period, it can be expected that traditional banking will react positively towards modernisation, and in this sense, collaborative alliances between both segments will be key.
As more companies in financial services adopt technologies such as artificial intelligence and blockchain in a digital transformation environment, an evolution in the offering of products and services can be expected, which will become more tailored to the needs of customers. Led by a young population, digitalisation is the future.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Mexico 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 Mexico, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
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 definitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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