Abstract
Introduction
The UK consumer credit market showed signs of a mild improvement in Q2 2009
although the overall market has slumped considerably from its peak in 2007.
This latest edition of Datamonitor' s quarterly outlook series discusses recent
developments in the consumer credit market and provides updated forecasts for
the period 2009-2013.
Scope of this research
- Provides the latest market sizing data for the UK consumer credit market.
- Covers an array of consumer credit lines - unsecured personal loans,
credit cards, overdrafts, retail finance and motor finance.
- Uses the latest developments in the UK economy in order to build up three
forecast scenarios that extend to 2013.
- Includes a complementary interactive Excel model.
Research and analysis highlights
The year-on-year decline in consumer credit gross advances has slowed to
-13.7% in the second quarter, up from a nadir of -15.4% during Q1 2009.
Nevertheless, gross advances are continuing to fall year-on-year as lenders
remain reluctant to lend due to their perception of the risks involved.
Unsecured personal loan gross advances saw the poorest performance of all
consumer credit lines in Q2 2009. There was a year-on-year decline of 31.8%,
although this was a smaller drop than in either of the previous two quarters.
Overdrafts saw the strongest improvement in the rate of year-on-year decline.
Datamonitor research shows that consumers are still wary of using credit
products. A small minority of respondents stated that they were considering
credit products to maintain their lifestyle. The results are consistent with a
large drop in consumer confidence as they look to rein in their spending
habits.
Key reasons to purchase this research
- Review the market performance in Q2 2009 as a benchmark by which to
evaluate your own performance.
- Use Datamonitor' s market forecasts to plan your future strategy with
confidence.
- Understand how the ongoing liquidity crisis has affected lenders and the
overall economy.
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