- Internet User Penetration has increased significantly over the last few years at a CAGR of 7.1%
The internet user penetration in KSA has risen significantly from 2017 to 2021. The Personal Finance Market in KSA is thriving to grow at a faster pace as people prefer to buy online much more now and proper marketing can provide the players in the market with an opportunity to grow.
- Saudi Arabians have been taking personal loans more than ever before for different purposes.
The KSA Personal Finance Market is seen to be on the rise as the people of Saudi Arabia take much more loans. The majority of Saudi Arabians take personal loans for purpose of wedding which accounts for the majority of the loans taken at 40% followed by loans for renovation & home improvements and consumer durables.
- With loans being taken, the outstanding credit can be seen rising rapidly at a CAGR of 8.5%.
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The overall outstanding credit has risen significantly over the period of 2017-2021 which has allowed the KSA Personal Finance Market to grow, mainly due to growing consumption needs of Saudis. The average household consumption expenditure has exhibited strong signs leading to the growth of personal finance market.