IMARC Group's report titled "Consumer Credit Market Report by Credit Type (Revolving Credits, Non-revolving Credits), Service Type (Credit Services, Software and IT Support Services), Issuer (Banks and Finance Companies, Credit Unions, and Others), Payment Method (Direct Deposit, Debit Card, and Others), and Region 2024-2032". The global consumer credit market size reached US$ 11.5 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 16.8 Billion by 2032, exhibiting a growth rate (CAGR) of 4.1% during 2024-2032.Factors Affecting the Growth of Consumer Credit Industry:
Economic Conditions and Income Levels:
The prevailing economic conditions and income levels play a significant role in shaping the global consumer credit market. During periods of economic prosperity, characterized by low unemployment rates and consistent GDP growth, consumers tend to exhibit greater confidence in their financial outlook. Consequently, this heightened confidence typically translates into elevated levels of borrowing and spending.
Rapid Technological Advancements and Digitalization:
The global consumer credit market is significantly influenced by technological advancements and the growing inclination towards digitalization. In today's interconnected world, consumers demand convenient and swift financial transactions, including borrowing. Fintech firms have been pivotal in reshaping the consumer credit domain through the introduction of cutting-edge digital lending platforms and simplified application procedures.
Changing Consumer Behavior and Lifestyle:
Changing consumer behavior and lifestyle choices play a pivotal role in steering the global consumer credit market. Recent years have witnessed a notable transformation in how people shop, make payments for goods and services, and handle their financial matters. Notably, the rapid expansion of e-commerce has fueled a surge in online transactions, thereby escalating the demand for digital payment platforms.
Leading Companies Operating in the Global Consumer Credit Industry:
Bank of America
Barclays, BNP Paribas
China Construction Bank
Citigroup
Deutsche Bank
HSBC
Industrial and Commercial Bank of China (ICBC)
JPMorgan Chase
Mitsubishi UFJ Financial
Wells Fargo
For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/consumer-credit-market/requestsample
Consumer Credit Market Report Segmentation:
By Credit Type:
Revolving Credits
Non-revolving Credits
By Service Type:
Credit Services
Software and IT Support Services
By Issuer:
Banks and Finance Companies
Credit Unions
Others
By Payment Method:
Direct Deposit
Debit Card
Others
Global Consumer Credit Market Trends:
The growing interconnectivity of the worldwide economy has broadened avenues for cross-border consumer credit. With the rise in international travel, online commerce, and business collaborations, there's a heightened demand for credit solutions capable of catering to these global transactions. Consequently, this shift has propelled the emergence of international credit cards and global payment platforms, consequently fueling the consumer credit sector.
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