Uncertainty Is Certain: Consumers’ Financial Outlook at Mid-Year 2020

Consumer confidence is down, and gross domestic product worldwide is expected to contract.

Boston, July 28, 2020 –The COVID-19 pandemic brought about not only a global public health crisis but also an economic downturn unprecedented in its speed and scope. Consumer lenders have dealt with the fallout from unemployment spikes, changing patterns of credit demand and use, and greater risk of defaults. In these still-early days, consumer lenders are focused on helping their existing borrower base manage the repayment of their obligations while determining how best to make new lending decisions in this changed environment and manage their portfolios.

This report provides curated statistics and trends on the financial state of consumers in the United States and elsewhere. It is largely informed by the review and analysis of economic and consumer surveys conducted by government entities in the United States, Canada, and the United Kingdom; intergovernmental bodies such as the Organization for Economic Co-operation and Development and World Bank; and companies providing insights to the global consumer lending market.

This 20-page Impact Report contains 14 figures and one table. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

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