Consumer Credit Market Report 2024, Industry Trends, Size and Forecast Till 2032

The latest report by IMARC Group, titled “Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global consumer credit market report. 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.

Consumer credit refers to the financial arrangement wherein lenders or financial institutions grant individuals access to funds or resources to facilitate the purchase of goods and services. It allows consumers to acquire items and services they may not have immediate funds for, understanding that they will repay the borrowed amount, usually with added interest, over a predetermined period. It can generally take various forms, including credit cards, personal loans, installment plans, and store credit. These offerings provide consumers with flexibility in managing their finances and meeting short-term needs or even fulfilling long-term aspirations. Lenders assess the creditworthiness of applicants based on their current income, credit history, and existing debt to determine the terms and interest rates applicable to the credit extended. While consumer credit can empower individuals by enabling them to make purchases without upfront payments, it also requires responsible financial management. Unchecked credit usage can lead to debt accumulation, affecting credit scores and causing financial strain. Therefore, consumers are advised to exercise prudence and discipline in managing their credit obligations. For businesses, offering consumer credit can be a strategic approach to driving sales and customer loyalty. However, it necessitates rigorous risk assessment and efficient credit management practices to mitigate potential losses and maintain a healthy financial ecosystem. At present, consumer credit is gaining immense traction for financing purchases of goods and services by individuals across the globe.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/consumer-credit-market/requestsample

Consumer Credit Market Trends and Drivers:

The global consumer credit market is primarily driven by the rising need for credit options to make purchases without immediate cash payments due to the increasing consumer demand for goods and services. Moreover, numerous technological advancements and the rise of fintech companies have revolutionized the lending process, making it easier for consumers to access credit through digital platforms and mobile applications, which in turn is positively influencing market growth. Apart from this, the growing popularity of online shopping and e-commerce platforms has augmented the demand for consumer credit as individuals seek flexible payment options. Additionally, favorable economic conditions, such as low-interest rates and robust job markets, encouraging borrowing and consumer spending have catalyzed the market growth. Besides this, various competitive strategies of financial institutions, including attractive interest rates and personalized credit offers, have accelerated the product adoption rate. Furthermore, the surging desire for improving credit scores and financial literacy that prompts individuals to opt for credit options and responsibly manage their debt is propelling the market growth. Along with this, numerous businesses offering consumer credit as part of their sales and marketing strategies are contributing to market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Credit Type:

  • Revolving Credits
  • Non-revolving Credits

Breakup by Service Type:

  • Credit Services
  • Software and IT Support Services

Breakup by Issuer:

  • Banks and Finance Companies
  • Credit Unions
  • Others

Breakup by Payment Method:

  • Direct Deposit
  • Debit Card
  • Others

Breakup by Region:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Competitors Landscape with Key Players:

  • 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

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

USA: +1-631-791-1145 | Asia: +91-120-433-0800

Email: sales@imarcgroup.com

Follow us on Twitter: @imarcglobal

Consumer Credit Market Growth 2022-2027, Industry Size, Share, Trends and Forecast

According to IMARC Group’s latest report, titled “Consumer Credit Market: Industry Trends, Share, Size Growth, Opportunity and Forecast 2022-2027,” the global consumer credit market reached a value of US$ 10.45 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 13.96 Billion by 2027, exhibiting at a CAGR of 5% during 2022-2027.

Report Metric
Historical: 2016-2021
Base Year: 2021
Forecast Year: 2022-2027

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Consumer credit refers to short and intermediate-term loans that are availed by individuals to finance the purchase of consumer goods and services for personal use. It includes a financial charge that is applied for the sanction of credit or extension of existing credit presented in the form of a cash or sales credit to the seller. It is available as revolving loans on consumer goods, automobiles and home repair, and non-revolving loans repaid in several payments.

Request Free Sample Report: https://www.imarcgroup.com/consumer-credit-market/requestsample

Market Trends

Significant growth in the banking, financial services, and insurance (BFSI) sector represents one of the key factors driving the market. Moreover, consumer credit data helps banking professionals to deal with the information related to cash flows and analytics at the portfolio level. Furthermore, the increasing use of social media platforms for better market connectivity and rising penetration is contributing to the market growth. Additionally, governing agencies of various countries are encouraging cashless transactions, which is catalyzing the demand for credit cards as they are relatively safe to carry and make purchases. This, in turn, is offering lucrative growth opportunities to industry players.

Ask Analyst and Browse Full Report with TOC & List of Figure: https://www.imarcgroup.com/consumer-credit-market

The report has segmented the market on the basis of credit type, consumer type, service type, issuer, payment method and geography.

Breakup by Credit Type:

  • Revolving Credits
  • Non-revolving Credits

Breakup by Consumer Type:

  • Individual
  • MSMEs
  • Large Enterprises

Breakup by Service Type:

  • Credit Services
  • Software and IT Support Services

Breakup by Issuer:

  • Banks and Finance Companies
  • Credit Unions
  • Others

Breakup by Payment Method:

  • Direct Deposit
  • Debit Card
  • Others

Breakup by Geography:

  • North America (U.S. & Canada)
  • Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
  • Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
  • Latin America (Brazil, Mexico)
  • Middle East & Africa

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022- 2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive mapping of the competitive landscape

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

Competitive Landscape:

The report has also analysed the competitive landscape of the market with some of the key players being 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, etc.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact US

IMARC Group
30 N Gould St Ste R
Sheridan, WY 82801 USA – Wyoming
Email: Sales@imarcgroup.com
Tel No:(D) +91 120 433 0800 Americas:- +1 631 791 1145 | Africa and Europe :- +44-702-409-7331 | Asia: +91-120-433-0800, +91-120-433-0800
Follow us on Twitter: https://twitter.com/ImarcServices