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Shifts in Consumer Finance After Coronavirus

Shifts in Consumer Finance After Coronavirus

By Kendrick D. Sands, Consumer Finance Industry Manager

COVID-19 has impacted every sector, including financial cards and payments and consumer lending. The long-term effects of the pandemic are starting to become clear, as consumers incorporate social distancing and avoid large gatherings. Travel has drastically declined, with every player in the industry struggling to persevere to the end of the virus. More and more consumers are unemployed or are struggling to find full-time employment. This has resulted in rising write-offs, declining credit card usage and consumer defaults on loans across the world. A large portion of the economic hardship is being seen in the developed world, but in an integrated global economy no market is immune to the effects of COVID-19.

COVID-19’s impact across payment players

In the short term, as consumer spending overall......................................................................................................................

The article is property of Euromonitor International, a market research provider, and can be read in full through: https://go.euromonitor.com/white-paper-cf-2020-impact-of-coronavirus-on-consumer-finance.html?utm_campaign=SC_20_08_13_Coronavirus_Consumer_Finance&utm_medium=Email&utm_source=1_Outbound

 

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EUROMONITOR INTERNATIONAL