PROSPECTS AND OPPORTUNITIES
Stable economic growth could drive increase in consumer credit as consumer confidence increases
Singapore’s economy is projected to see stable growth moving forward, but inflation and global interest rates will continue to play a significant role in shaping demand for consumer credit. Inflation is expected to ease by 2025, and ongoing pressure on household purchasing power may discourage discretionary borrowing, leading to a moderate slowdown in new loan applications.
Fintechs likely to gain popularity as they facilitate applying for lending
Fintechs have made borrowing more accessible through fully digital applications and flexible loan options. For instance, Trust Bank leverages AI to carry out automated credit assessments through its mobile app, enabling the delivery of instant approval for personal loans.
The government will continue to play an active role in setting regulations
Meanwhile, Monetary Authority of Singapore (MAS) is expected to continue to play a critical role in ensuring that fintech innovations adhere to responsible lending practices. MAS has implemented initiatives such as a regulatory sandbox, allowing fintech companies to test new financial products in a controlled environment while ensuring compliance with regulatory standards.
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Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Singapore 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 Singapore, 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 Singapore 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 Singapore?
- What are the major trends key to understanding Consumer Credit in Singapore?
- 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 Singapore - Category analysis
KEY DATA FINDINGS
Mixed environment for consumer credit: Consumers are cautious, yet bad debts remain high
Fintech advances lead to more lending options and easy access to loans
Buy Now Pay Later remains popular, but sees slowing growth
Stable economic growth could drive increase in consumer credit as consumer confidence increases
Fintechs likely to gain popularity as they facilitate applying for lending
The government will continue to play an active role in setting regulations
Consumer Lending in Singapore - Industry Overview
Consumer lending in 2024: The big picture
2024 key trends
Rising interest rates and tightened regulations limit growth in mortgage borrowing
Buy Now Pay Later (BNPL) sees slowing growth
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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