Noida, India (PressExposure) December 01, 2009 -- China has witnessed remarkable growth in the development and expansion of credit card market over the past few years. The number of credit cards in circulation in the country has surpassed 150 Million, growing from a small base in 2003. The country reported year-on-year increase of around 58% in credit card issuance during 2008. Among others, this strong growth has mainly been driven by low credit card penetration, says our latest research study, âChina Credit Card Market Outlook to 2013â.
Looking at the future, our report finds that the number of credit cards in circulation is expected to expand at a double-digit rate over the next few years, once the economic environment becomes more business-friendly with the improvement in consumer confidence. However, we have identified that the current economic downturn is set to impact the credit card market growth in China, with growth rate set to decline by almost half in 2009 as compared to the previous year.
Later, in 2010, the market will recover and grow at a CAGR of around 26% during 2010-2013. The report gives detailed analysis of the factors that will continue to serve as growth savior for the credit card market in China. The report also finds that although the domestic Chinese banks continue to lead the credit card market, the country will see entry of foreign players in the market over the forecast period.
âChina Credit Card Market Outlook to 2013â provides an in-depth research and rational analysis of the credit card market in China. The report provides thorough analysis of the current market trends and developments that will help clients to understand the market structure and its progress in coming years. It also gives an insight into the competitive landscape of the countryâs credit card market. Forecasts in this research have been done considering the possible impact of recession on the industry. It will help clients to have proper insight into the current trends and future outlook of the concerned market.
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