Lenders must adapt their strategies to align with the evolving needs and preferences of borrowers, all while operating in an increasingly competitive market.
Amr Hamdi, Finance Analyst
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Executive summary
- Key issues covered in this Report
- Consumer trends: key takeaways
- Graph 1: types of debt owned, by financial situation, 2024
- Graph 2: openness towards fintech lenders, by new Canadians and race, 2024
- Opportunities
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Consumer Insights
- Consumer fast facts
- Types of debt owned
- Graph 3: types of debt owned over time, 2021 and 2024
- Graph 4: personal loan usage, by new Canadians, 2024
- Drivers for opening current personal loan
- Graph 5: reasons for opening current personal loan, 2024
- Graph 6: reasons for opening current personal loan, by financial situation, 2024
- Most important factors when choosing a personal loan
- Graph 7: top factors when choosing a personal loan – NET – any rank, 2024
- Graph 8: top factors when choosing a personal loan – NET – any rank, by generation, 2024
- Graph 9: top factors when choosing a personal loan – NET – any rank, by household income, 2024
- Behaviors and attitudes towards loans
- Graph 10: personal loan behaviors, by household income, 2024
- Graph 11: personal loan behaviors, by generation, 2024
- Graph 12: personal loan repayment behaviors, by new Canadians and financial situation, 2024
- Graph 13: personal loan repayment behaviors, by generation, 2024
- Graph 14: loyalty towards lenders, by generation, 2024
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Competitive strategies
- Marketing and advertising
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The Market
- Market drivers
- Graph 15: distribution of foreign-born population by region of birth, 1996-2036 (projected)
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Appendix
Mintel: Market Intelligence Made Easier
The first Mintel Market Intelligence report was published over 50 years ago. Since then, we have provided our unique insights and understanding of consumers, innovation and global markets to thousands of customers worldwide. Here’s why our customers rely on Mintel:
- Gain a comprehensive, 360-degree view of the market: Mintel reports blend consumer research, market forecasts, product innovation tracking, and competitive analysis, allowing businesses to see every angle of their industry and identify new opportunities quickly.
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- Benefit from expert analysis and practical recommendations: Mintel’s reports are written by experienced analysts who interpret complex data and provide clear, actionable insights you can trust to guide your next moves.
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The Four Pillars of Our Research
We use a combination of four main research methods when creating our reports, each adding a valuable perspective:
- Consumer Research: Direct surveys with real people, giving us clear, current insights into what people think and do.
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- Brand and Social Media Research: Analysis of online opinions and trends. This lets us spot trends, measure brand sentiment, and capture feedback in real time, adding further depth to our research.
Bringing It All Together
Each of these four pillars provides a different piece of the puzzle. Consumer research tells us what customers think, desk research provides the factual framework, trade research offers an insider’s view, and social media analysis reveals public sentiment.
Our expert analysts are skilled in weaving these diverse data streams together. They apply a range of quantitative and qualitative analysis techniques to uncover the deeper story, connecting the dots to deliver clear, actionable insights. This comprehensive, multi-layered process is how we transform raw data into a market intelligence report you can trust to inform your most important business decisions.
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