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Summary and extracts
1 Market overview
1.1 Definition and presentation of the consumer credit market
Consumer credit gives Spanish consumers access to financing for the purchase of goods and services, helping to stimulate demand and foster economic growth.
The consumer credit market in Spain offers a diverse range of financial products and services, including personal loans, credit cards, car loans and online consumer loans. Traditional financial institutions such as banks and credit companies, as well as online lending platforms, are active participants in this market.
Access to consumer credit in Spain is relatively easy, with simplified procedures and fast processing times. Consumers can obtain consumer loans by presenting personal guarantees, such as regular income and good creditworthiness. What's more, interest rates are competitive and repayment terms are flexible, allowing borrowers to adapt to their financial capacity.
The consumer credit market in Spain is underpinned by growing consumer demand for goods and services such as household appliances, cars, travel and healthcare services. Spaniards turn to consumer credit to finance their projects and meet their immediate needs, while enjoying greater financial flexibility.
Financial institutions offering consumer credit services in Spain must comply with strict regulations designed to protect consumer rights. These include transparency in the communication of loan conditions, detailed information on interest rates and associated charges, and dispute resolution mechanisms.
1.2 the european market
Consumer credit markets are not uniform across Europe. The use and forms of loans are determined and evolve by socio-economic factors that can differ from country to country. For example, Germany is known for its debt-averse consumers, while in the UK or Turkey, it is more acceptable to hold large revolving ...
1.3 the domestic market
The consumer credit market is determined by the key interest rates offered by the European Central Bank. These allow banks to refinance themselves on the basis of an interest rate. The higher the interest rate, the more commercial banks will be unable to offer low interest rates on their various credit ...
2 Demand analysis
2.1 Motivations for borrowing
Between January **** and June ****, Spaniards' intention to apply for consumer credit showed a significant increase. In January ****, only **.*% of consumers were considering applying for consumer credit. This proportion rose to **.*% in January ****, then to **.*% in June ****. The trend continued with a notable rise, reaching **.*% in June **** and then **.**% in June ****. However, ...
2.2 Demand trends
In Spain in ****, the breakdown of new loans to households shows a predominance of mortgages, which account for **.**% of the total. Consumer credit accounts for **.**% of new loans granted.
Breakdown of new consumer and real estate loans for households Spain, ****, % (***) Source: ****
Between **** and ****, the amounts granted for new consumer loans in ...
2.3 Macroeconomic variables affecting demand
While inflation and the ECB's key interest rate partly determine the different interest rates on loans offered by commercial banks, other economic factors can have an impact on households' decision to take out consumer credit.while inflation and the ECB's key interest rate partly determine the different interest rates offered by ...
3 Market structure
3.1 Market structure
There are several stages in the consumer credit production process:
Design and marketing involve identifying targets, defining offers and developing sales networks. Granting and risk policy involves establishing selection criteria, assessing risk and segmenting the profiles of potential borrowers. The underwriting and acceptance stage involves creating the file, validating it and ...
3.2 Market players
The consumer credit market in Spain is heavily dominated by banks. However, other players can also offer consumer credit:
Banks and Credit Institutions: Traditional banks and credit institutions approved by the Bank of Spain can offer consumer credit. Credit cooperatives: Credit cooperatives, also known as savings banks or credit unions, can ...
4 Offer analysis
4.1 Offer typology
The table below shows the different types of consumer credit available in Spain:
Source: ****
4.2 Interest rates on consumer loans
The graph below shows the evolution of weighted average interest rates on consumer loans in Spain. Their rates, although determined by commercial banks, are impacted by the discretionary decisions of the European Central Bank, so that a rise in rates was observed in **** following the increase in the ECB's key interest ...
5 Regulations
5.1
Ley **/****, de ** de junio, de contratos de crédito al consumo regulates consumer credit in Spain.
This law covers the following points:
Definition of consumer credit: Intended solely for individuals for non-business use. Information obligations: Lenders must provide full information before, during and after conclusion of the contract, including on associated ...
6 Positioning the players
6.1
The table below provides a non-exhaustive overview of the main types of player.
- BBVA
- BBVA
- Carrefour France
- Younited Credit
- Cetelem
- Santander
- Banco Sabadell
- Caixabank
List of charts presented in this market study
- Annual growth in consumer loans to households
- Total outstanding consumer credit in Spain
- ECB key interest rate trend
- Factors affecting consumer credit demand in Q1 2024
- Reasons for using consumer credit
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Latest news
Carrefour, the franchise model, denounced by Bercy - 19/06/2024
- An association of nearly 170 Carrefour franchisees is involved in a legal challenge against the group.
- The French Ministry of the Economy is asking the Rennes Commercial Court to modify Carrefour's franchise agreements and fine the group 200 million euros.
- Franchise contracts are at the heart of the case, with accusations of imposing "excessive and uncompetitive recommended resale prices" and requiring franchisees to source 45% to 50% of their supplies from Carrefour's central purchasing units.
- Carrefour has a market share of almost 20% in France
- Its franchising model, with some 2,600 franchised stores out of a total of nearly 6,000, accounts for half of the company's sales in France.
Franchising: Carrefour sued by Bercy for 200 million euros - 19/06/2024
- Amount claimed by Bercy from Carrefour: 200 million euros.
- - Minimum percentage of compulsory purchases for Carrefour franchisees: 45 to 50%.
- - Number of stores opened each year with Carrefour Proximité: 250.
- - Number of franchise candidates attracted by Carrefour each year: over 6,000
- - Share of franchising in Carrefour convenience stores: over 90%.
- - Share of franchises in Carrefour Market supermarkets: over 70%.
Supermarkets: reinvention or decline | Reinvention or decline of supermarkets - 13/05/2024
- In 2023, 78% of Carrefour supermarkets operated under lease management or franchise. 35% of Carrefour hypermarkets were managed under one of these two systems.
- For the first time in 2023, 50% of Carrefour's sales in France came from stores operated under lease management or franchise.
- The 23,000 former Carrefour employees affected by this transformation reported an annual financial loss of between 2,000 and 2,300 euros.
- Leclerc, Intermarché and Système U together held 51% of market share, representing the fastest-growing entities in the sector.
- Food retailing has seen its margins halved in seven years.
- In Belgium, Delhaize's transition to franchisee status has improved store productivity by at least 2% to 3%, in an industry where net profitability is 1.8% to 2% per store.
Spanish banks: BBVA wants to merge with Sabadell - 01/05/2024
- - BBVA is Spain's second-largest bank after Santander, and Banco Sabadell is the fourth-largest banking player in terms of assets.
- - the proposed merger would have a combined market capitalization of €70 billion, approaching Santander's €73 billion and BNP Paribas' €77 billion.
Crédit Mutuel in talks with BNP Paribas to buy Cetelem Hungary - 19/04/2023
- BNP Paribas in talks to sell its Hungarian consumer credit business Magyar Cetelem Bank to Crédit Mutuel Alliance Fédérale (CMAF).
- Cetelem in Hungary employs just over 300 people and has 300,000 customers.
- Advanced discussions are underway to sell the Czech Republic business to the Austrian Erste Group.
- End of Romanian operations announced last month.
- Agreement signed in December with the Greek bank Eurobank to take over the Bulgarian subsidiary.
- Cofidis, subsidiary of Crédit Mutuel, present in 9 European countries, including Hungary.
- Cofidis employs 382 people in Hungary and claims "gross" outstandings equivalent to 336 million euros.
With Younited, France has a new unicorn - 09/12/2022
- Younited reports revenues of €125 million in 2021
- Company valued at €1.1 billion
- fundraising of €60 million
- Its classic consumer credit business will be profitable by the end of 2022, with a net margin of 20%
- Younited is the latest unicorn to be valued at over €1 billion, following Qonto (€4.4 billion) and Ledger (€1.5 billion)
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the consumer credit market | Spain
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