There is expected to be moderate growth in consumer credit gross lending in 2023, though growth will be significantly lower than the previous year. In terms of housing/mortgages, gross lending is expected to fall.
While auto lending experienced a dip during the pandemic, it has returned to moderate growth in recent years and in 2023, after card and home lending, is the third largest sector in terms of gross lending. The sector is being supported by consumers switching from traditional cars to electric cars, with consumers able to access lower interest rates for electric auto loans.
Mortgage/housing is dominated by the leading mainstream banks. Also in 2022, Jyske Bank took over the Danish operations of the Swedish bank, Handelsbanken, which withdrew from Denmark and Finland.
BNPL is an outlier is terms of consumer credit growth, outperforming all other sectors. BNPL really took off during the pandemic, when online shopping surged, and in 2023 it also expected to register significant growth.
There are still potential headwinds that could dampen growth in consumer lending over the forecast period, not least continuing rising inflation and interest rates. In addition, by the end of 2023, several global economies were falling into recession.
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Understand the latest market trends and future growth opportunities for the Consumer Lending industry in Denmark 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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