"Consumer Lending in Austria" is now available at Fast Market Research

From: Fast Market Research, Inc.
Published: Thu Nov 19 2015

Mortgages/housing is again the main growth driver

Even though lending rates reached new all-time lows due to the continuation of the EU’s loose monetary policy, consumer lending developed very moderately in Austria in 2015. Slight growth in both the overall outstanding balance and gross lending was solely the result of growth in mortgages/lending, whilst in consumer credit, gross lending stagnated and the outstanding balance declined due to a high number of consumers paying off their debts.

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Economic climate hinders consumer lending

Given increasing unemployment and stagnating real incomes, pessimism about the future was growing amongst consumers in Austria, and many decided to put off larger purchases and avoided taking out consumer credit. Consumers remained highly conservative and security-orientated when it came to money and lending. However, they were increasingly open to specific niches such as instalment plans.

Card lending registers the fastest growth in terms of gross lending

Card lending registered strong growth in 2015, but remained at a relatively low level in Austria, due to the traditional availability of overdraft facilities. Growth in personal credit card lending was pushed by the marketing activities of issuers such as DC Bank and Easybank, which were trying to encourage customers to switch from charge cards to a revolving line of credit.

Major retail banks dominate consumer lending

The four major domestic banks, UniCredit Bank, Erste Bank der oesterreichischen Sparkassen, Raiffeisen Zentralbank Österreich and BAWAG PSK, continued to dominate consumer lending in 2014. Online-only specialists such as ING-DiBa Direktbank Austria, Easybank and Santander Consumer Bank stole only slight share, as most consumers remained loyal to their local bank, or the one with which they have their mortgage.

Stagnation expected despite favourable interest rates

At constant 2015 prices, consumer lending is expected to see stagnation in both the outstanding balance and gross lending in the forecast period. Growth is likely to slow down significantly even in mortgages/housing, which will be unable to compensate for the decline expected in consumer credit. Cheap loans alone are not expected to ensure demand, given Austrian consumers’ cautiousness concerning debt.Report Overview

Discover the latest market trends and uncover sources of future market growth for the Consumer Lending industry in Austria with research from Euromonitor's team of in-country analysts.

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