Retail Banking Market Dynamics: Denmark 2018
Average annual wages in Denmark rose 4% in 2017, the highest annual growth rate since 2014 and a sizable rebound compared to 2015, which witnessed a 15% drop in average annual wages. Both the private and public sectors recorded wage growth in 2017, and due to low consumer price inflation the purchasing power of wages has risen in real terms in recent years.
The increasing employment rate coupled with the propensity to save prevailing in the market is expected to keep retail deposit momentum going in the next few years. While consumer confidence has been on the rise, consumers’ focus on lowering household debt will restrain them from spending.
The retail mortgage and personal loan markets in Denmark performed poorly during 2013-17, but are expected to recover over the next five years. Conversely, the credit card space - which reported a strong performance during 2013-17 - is expected to decelerate.
The report Retail Banking Market Dynamics: Denmark 2018, identifies the macroeconomic and competitive dynamics that impact upon the Danish retail banking market.
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