PROSPECTS AND OPPORTUNITIES
Continued use of instalment payments in South Korea, despite fees
In South Korea, there has been a notable rise in the use of instalment payments, and this is set to continue moving forward, as consumers increasingly turn to this option amidst ongoing economic challenges. Many individuals have been feeling the strain of lump-sum payments, especially as the economic downturn persists.
Increase in small-value credit loans
Recently, there has been a noticeable surge in the demand for small-value credit loans in South Korea, particularly from savings banks, and this is likely to be a trend which continues into the forecast period. These financial institutions aim to enhance the financial convenience of ordinary individuals and small to medium-sized enterprises (SMEs) by offering higher deposit rates and more accessible lending services compared with traditional commercial banks.
A rise in loan interest rates could impact consumer credit
Recently, South Korea experienced a significant increase in loan interest rates, primarily driven by decisions made by commercial banks. In an effort to manage rising household debt levels, these banks started raising interest rates.
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Overview:
Understand the latest market trends and future growth opportunities for the Consumer Credit industry in South Korea 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 South Korea, 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 South Korea 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 South Korea?
- What are the major trends key to understanding Consumer Credit in South Korea?
- 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 South Korea - Category analysis
KEY DATA FINDINGS
Increase in credit card lending and non-performing rate
BNPL (Buy Now, Pay Later) in Korea faces stricter regulation
Rising education lending in South Korea
Continued use of instalment payments in South Korea, despite fees
Increase in small-value credit loans
A rise in loan interest rates could impact consumer credit
Consumer Lending in South Korea - Industry Overview
Consumer lending in 2024: The big picture
2024 key trends
Headwinds cause the overheated housing market to cool
Greater scrutiny of BNPL
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?
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- 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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