The government of Canada is committed to continue attracting qualified workers from foreign countries in the upcoming years All newcomers to Canada require a credit product, usually a credit card, to cover daily expenses and to start building a credit history that can support larger credit requests in the future. In addition, financial institutions understand that this segment represents a significant opportunity to build longer and deeper relationships, as these clients are likely to expand their credit needs as they settle in Canada.
As of July 2024, Bank of Canada announced rate cuts in two consecutive meetings for a total of 0.5% and has confirmed that as inflation continues to be under control more rate cuts are expected.
Canadians will continue to become more familiar with BNPL options, showing greater interest in its differences with revolving credit products. For example, BNPL services can usually be accessed almost instantly online or at the point-of-sale and can be used to pay for a much broader (and less expensive) range of products and services.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in Canada 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 Canada, 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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