While the Swedish economy has struggled in recent years and there is still some uncertainty ahead (in terms of the development of interest rates, people’s ability to make loan repayments on time and high unemployment), consumer credit is expected to record further growth. Throughout the forecast period, gross lending growth will remain higher than outstanding balance growth.
Sweden’s financial supervisory authority, the Finansinspektionen, has identified a number of issues in its survey of new consumer credit, including one in six borrowers granted an unsecured loan from a consumer credit institution received a collection notice within eight months (compared with 0.3% of the major banks' borrowers).
While consumers suffered from higher interest rates at the end of the review period, major banks and more specialised consumer credit players benefitted, making them profitable and resilient, having a buffer for difficult times. With this financial protection in place, more investment in innovative solutions, especially digital ones, might be seen over the course of the forecast period, and the role of AI in consumer credit is likely to increase.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Sweden with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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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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