Between July and October 2020, the number of people in El Salvador exploring mortgage options online increased by 18%, and the number of Costa Rican consumers looking to buy credit cards decreased by 60%.
CentralAmericaData's interactive platform Consumer Insights monitors in real time the changes in consumer habits in all markets in the region and in other Latin American countries, with fundamental information to understand their behavior, new trends and anticipate eventual changes in their purchase patterns.
In the countries of the region, more than 8 million people are looking for credit on the Internet. Of this group of consumers, approximately 9% explore options for taking out a student loan.
The interactive information system developed by CentralAmericaData monitors in real time the changes in consumer habits in all markets of the region, with fundamental information to understand the new commercial environment that has emerged in an accelerated manner.
The coronavirus has left an economic impact in several countries. For this reason, some governments are developing exceptional measures to mitigate its effects. For example, the suspension of tax and mortgage payments to lessen the economic pressure on small businesses and households.
In the United States, interest rates were reduced to almost zero and a US$700 billion stimulus program was launched in a bid to protect its economy, says Mario Miranda, director of finance at MonederoSMART.
Limiting the fees charged in Costa Rica and establishing a law that defines market limits in Guatemala are part of the attempts being made in the region to regulate the use of credit cards.
A law proposal presented last January before the Legislative Assembly of Costa Rica, aims to regulate the percentage of the commission paid by businesses for credit or debit cards.
The bank of Guatemalan origin has announced the completion of the purchase process of Procredit and the beginning of operations in December, focusing its services on the agricultural sector.
After completing the purchase process of shares of ProCredit Bank for $30 million, Banrural has announced that it will start operations with 15 agencies nationwide. Its main customer is the agricultural sector, but it also provides loans to SMEs in all areas.
With the exception of El Salvador, bank lending is growing in Central American countries, strengthening in the years following the crisis and reaching double-digit growth in real terms.
From a report by Fitch Ratings:
Accelerating Growth: Central American bank lending has strengthened these countries in the years following the crisis, reaching double digit growth, even in real terms, with the exception of the Salvadoran banking system.