The consumer lending landscape in Singapore is facing a period of moderation in 2024, with easing inflationary pressures and a stable labour market.
Digital innovation is a defining trend in Singapore’s consumer lending landscape, with advances transforming how consumers access and manage loans. Enhanced by Artificial Intelligence (AI) and data-driven tools, digital platforms now offer faster approvals, customised lending options, and seamless online application processes.
Mortgage rates in Singapore have continued increasing in 2024, due to global interest rate hikes. This has led to a more cautious approach from consumers, particularly in terms of taking on new loans.
The Buy Now Pay Later (BNPL) trend in Singapore continues to grow in 2024, albeit at a slower pace, mainly due to maturing consumer demand and increased regulatory scrutiny. For consumers who may not have access to credit cards, BNPL offers a flexible alternative for making payments, especially for higher value transactions.
The future of consumer lending in Singapore is set to be influenced by a mix of economic conditions, regulatory changes, and evolving consumer behaviour over the next few years. While inflationary pressures and high interest rates have subdued growth in lending in 2024, Singapore’s economy is projected to stabilise by 2025, potentially creating a more favourable environment for borrowing.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Singapore with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Consumer Lending
Aggregate of Consumer Credit and Mortgages/Housing. Gross Lending: The total value of loans advanced by institutions in a given year; data refers to single year only. Outstanding Balance: The collective amount owed by borrowers at the end of a given year; data refers to the cumulative impact of debt.
See All of Our DefinitionsThis report originates from Passport, our Consumer Lending research and analysis database.
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