The COVID-19 pandemic had a negative impact on Vietnam’s economy during 2020 as the official response to the pandemic led to a major interruption of commercial activity in various key sectors of the national economy. Nevertheless, the direct impact of the pandemic on the consumer lending industry was not particularly pronounced. Although the strong double-digit growth that was being recorded in gross lending terms during the review period softened during 2020, outstanding balance increased…

The COVID-19 pandemic had an immediate negative impact on consumer lending in Thailand during 2020. While consumer lending outstanding balance is expected to have registered a moderate decline over the course of the year after several years of solid growth, gross consumer lending plummeted in value over the course of the year. In fact, all categories of consumer lending are expected to record negative growth in both gross lending and outstanding balance terms during 2020 as the economic…

Consumer lending in South Korea has been strongly impacted by the COVID-19 pandemic, with government restrictions and lockdown measures limiting demand for loans. Like in other countries, many consumers in South Korea decided to postpone taking on credit and purchasing non-essential goods. On the other hand, the scale of the crisis has been softened by government support programmes.

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Due to the COVID-19 pandemic, consumer lending, especially gross lending, was hit hard during the government’s state of emergency in April-May 2020. According to Japan Financial Services Association, gross lending of unsecured loans was down by 11% year-on-year in April 2020 and by a further 37% in May 2020. Expenditure on bigger or more expensive items, such jewellery, furniture, appliances and cars, was negatively affected by the pandemic and the economic impact of the measures taken to…

The COVID-19 epidemic reached the Hungarian consumer lending market at the peak of a highly upbeat period marked by low interest rates, high levels of consumer sentiment and widespread optimism among the population about their ability to meet their debt commitments. Furthermore, various government initiatives had also created a favourable environment for growth in demand for consumer lending, particularly among families with children and those interested in buying a new house or apartment.…

In 2020, the COVID-19 outbreak led to a sudden slowdown in consumer lending in Denmark. This was due to the immediate economic impact of the pandemic, which significantly reduced inclination among consumers to take on debt. Income losses and a high level of uncertainty over economic prospects as a result of the pandemic swiftly reduced demand for consumer lending.

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After steady growth throughout the review period, consumer lending in Canada is expected to record its first decline since 2011 in 2020 as a direct result of the financial and economic impacts of the Coronavirus (COVID-19) epidemic. Consumer credit will drive the decline, with auto lending likely to witness a steep, double-digit fall over the course of the year. Auto sales took a significant hit early in year, with some estimates showing a decline in sales of around 50% in March alone. Many…

Consumer health is expected to see slightly higher current value growth in 2020 than was seen in 2019, with COVID-19 expected to be one of the main factors dictating growth in Uruguay. While the COVID-19 outbreak in Uruguay had little impact in terms of infections and deaths due to the country’s good healthcare system, locals’ concern about their health remained high. The government did not impose very strict restrictions, instead suggesting a short quarantine from mid-March through the end…

The fast-spreading COVID-19 virus has dampened economic prospects for 2020. Consumer confidence has been directly hit in Q2 as a result of the first case of COVID-19 being seen at the end of Q1 (11 March), leading to consumers increasingly opting for cheaper Consumer Health brands and generics. As well as rises in raw material prices, there have been disruptions in logistics services for transporting the raw materials from abroad given movement restrictions in place to help slow the virus…

The outbreak of COVID-19 is not expected to increase growth in 2020, with value growth of 2% predicted for the year, compared to value growth of 4% recorded in 2019. Unlike other countries, Sweden did not go into a full lockdown during Q1 and Q2, and this had some impact on the level of stockpiling that took place, which was mainly seen in adult analgesics and cough remedies.

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The COVID-19 pandemic is not having the same drastic impact on consumer health as seen with other industries in 2020. The industry has been allowed to continue its operations because it produces and sells necessity products, some of which have increased in demand in response to the outbreak of the virus. Likewise, the key retail distributors responsible for sales in Guatemala have been permitted to remain open throughout lockdown and the ongoing restrictions. Despite having authorisation…

Overall, consumer health is expected to perform well due to the increased demand for products as a result of COVID-19. Paediatric consumer health is expected to register the highest value growth, followed by vitamins and analgesics and cough, cold remedies. However, the value growth is not expected across all product areas. In fact, the largest product area in terms of value sales, weight management and wellbeing, is expected to register a double-digit decline in value sales. Sales of sports…

Charge cards had not established a presence in the Japanese market by the end of the review period. The potential development of this card type is hindered by the fact that consumers perceive credit cards to offer greater convenience and flexibility. Moreover, credit cards are still emerging strongly and taking transaction share from cash, providing little incentive for the introduction of charge cards. With credit cards expected to continue to grow, card issuers are unlikely to shift their…

COVID-19 caused a spike in demand for analgesics, meaning analgesics is expected to see an even stronger increase in retail current value growth in 2020 when compared to 2019. This is due to the fact that the government in Uruguay initially recommended the use of acetaminophen, rather than ibuprofen in terms of treatment of symptoms for COVID-19. As a result, both adult and paediatric acetaminophen experienced solid growth in both current value and retail volume terms in 2020. In fact,…

Due to initial concern that anti-inflammatory drugs such as ibuprofen and aspirin may worsen COVID-19 symptoms, in 2020 the World Health Organization initially recommended against the use of these anti-inflammatory drugs. However, it changed its position several days later and no longer recommends against ibuprofen or other anti-inflammatory drugs, including aspirin. Therefore, increases in aspirin sales have been evident since Q2, as more Turks look to counter the effects of COVID-19 such…

Acetaminophen and combination products drive the performance of this category, accounting for the greatest proportion of sales. Consumers prefer early treatment when they feel the onset of a fever or body aches, and these products are considered safe and convenient. Consumers are aware of the consequences of going to a hospital, including lack of public transportation due to COVID-19 restrictions, and the possibility of contracting the virus when outside the home, and so in 2020 increasingly…

The outbreak of COVID-19 in Sweden is set to boost value growth in analgesics in 2020, with a predicted growth of 4% for the year, compared to the recorded growth of 2% for 2019. A spike in sales was seen during March and April, when consumers stockpiled analgesics, fearing that the virus would lead to supply shortages, while consumers wanted to ensure they would have enough for personal use if they contracted the virus. Many consumers were also worried that restrictions on the availability…

After seeing strong growth in 2019, analgesics is expected to see an even stronger performance in 2020 overall. The outbreak of COVID-19 has led to a surge in demand for analgesics in Guatemala that is set to continue throughout the rest of the year. Demand has been generated by both consumers infected with the virus and thus turning to OTC remedies to relieve symptoms, and consumers afraid of a future shortage and therefore stockpiling. India, which is the largest supplier of both…

After seeing solid retail current value growth in 2019, analgesics is expected to see an even stronger increase in 2020, with current value growth expected to double. The COVID-19 pandemic is set to create a spike in demand for analgesics, with higher sales related to consumers stockpiling, and less to the treatment of ailments. In fact, analgesics were amongst the most purchased items in the early stages of the virus in the country, in February and early March, due to consumers’ belief that…

Wound care is expected to see a slowdown in its current value growth rate in 2020, mainly due to the COVID-19 pandemic. In response to the virus, in the first half of the year the government implemented social isolation guidelines to limit its spread, closing retail outlets, gyms and schools, for instance, and encouraging people to remain at home as much as possible. Less time spent outside the home meant less chance of injuries, hampering the growth of wound care in 2020. Nevertheless, the…