Consumer Credit Market Report 2023, Industry Trends, Demand, Growth Rate and Forecast 2028

The latest report by IMARC Group, titled "Consumer Credit Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028". The global consumer credit market size reached US$ 11.0 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.8% during 2023-2028.

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

Explore Full Report with TOC: https://www.imarcgroup.com/consumer-credit-market

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.

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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.

This release was published on openPR.