Noida, India (PressExposure) October 13, 2009 -- According to our recently updated research report, âChina Credit Card Market Outlook to 2013â, the credit card market in China is anticipated to witness a healthy growth rate this year, despite the growing concerns over rising credit card debts amid recession. The report gives detailed analysis of the factors that will continue to serve as growth savior for the credit card market in China.
Our report finds that the country witnessed a whopping year-on-year growth of around 58% in the number of credit card issuance during 2008. It further says that the growth will not stall amid the credit crunch during 2009, but the country may see a deceleration in the growth rate of credit card issuance, which is likely to almost halve this year. Our future industry analysis indicates that factors such as low credit card penetration levels and an anticipated improvement in consumer confidence by 2009 end will help the credit card market to overcome the impact of recession in long term. The industry is projected to grow at a CAGR of 26% during 2010-2013.
However, we have found that as the impact of global economic recession caught hold of China, consumer spending has been slowing down when compared to previous years. This has led to increase in credit card delinquency rate in the country, which has risen by one to two percentage points by mid 2009 as compared to a mere 1% or 2% in previous years. So, our research indicates clear need for some corrective measures that should be taken into consideration to avoid increase in credit card delinquency rate in near future as well.
RNCOSâ âChina Credit Card Market Outlook to 2013â provides extensive research and rationale analysis of the credit card market in China. The report thoroughly examines the current market trends and developments which are adding to the growth of the Chinese credit card market. Forecast in this research has been done considering the possible impact of recession on the industry. In this regard, the report will help clients to have proper insight of the current and future outlook of the credit card market in China.
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