Key regions: United Kingdom, United States, China, Brazil, Australia
The Marketplace Lending (Consumer) market in New Zealand has been experiencing significant growth in recent years.
Customer preferences: New Zealand consumers have shown a growing preference for online lending platforms due to their convenience and accessibility. These platforms provide borrowers with a quick and easy way to access funds, often with lower interest rates compared to traditional banks. The ability to apply for loans online and receive funds within a short period of time has made marketplace lending an attractive option for many New Zealanders.
Trends in the market: One of the key trends in the New Zealand marketplace lending market is the increasing number of platforms offering personal loans. These platforms have been able to cater to a wide range of borrower needs, including debt consolidation, home improvements, and small business financing. As a result, consumers have more options to choose from and can find a loan that best suits their individual circumstances. Another trend in the market is the emergence of peer-to-peer lending platforms. These platforms connect borrowers directly with individual investors, bypassing the traditional banking system. This has created a new source of funding for borrowers who may not meet the strict lending criteria of banks. Peer-to-peer lending has also provided investors with an alternative investment opportunity, allowing them to earn competitive returns on their capital.
Local special circumstances: New Zealand's relatively small population and geographic isolation have contributed to the growth of marketplace lending in the country. Traditional banks may have limited physical presence in certain regions, making it difficult for individuals in these areas to access financial services. Marketplace lending platforms, on the other hand, can operate nationwide and provide services to borrowers regardless of their location. This has helped to bridge the gap in financial inclusion and provide equal opportunities for individuals in all parts of the country.
Underlying macroeconomic factors: The growth of the marketplace lending market in New Zealand can also be attributed to favorable macroeconomic conditions. The country has experienced stable economic growth in recent years, with low unemployment rates and low inflation. This has increased consumer confidence and willingness to borrow, driving demand for marketplace lending services. Additionally, the low interest rate environment has made borrowing more affordable for consumers, further fueling the growth of the marketplace lending market. In conclusion, the Marketplace Lending (Consumer) market in New Zealand has been growing rapidly due to customer preferences for online lending platforms, the emergence of personal loan and peer-to-peer lending options, local special circumstances such as limited access to traditional banking services, and favorable macroeconomic conditions. As these trends continue, it is expected that the marketplace lending market in New Zealand will continue to expand in the coming years.
Data coverage:
The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.Modeling approach / Market size:
Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.Forecasts:
In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.Additional notes:
The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.
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