In August 2023, The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45%, from 3.
Although buy now pay later (BNPL) is still at a nascent stage in China, the growth prospects remain strong for the forecast period, thanks to the wide use of electronic payment and the popularity of online shopping. The high potential of this segment is attracting BNPL giants to enter the market, for example Klarna, which has opened a subsidiary in China.
Growth in consumer credit is expected to slow over the course of the forecast period, in terms of both gross lending and outstanding balance. Invariably, sluggish economic growth and rising risk of deflation will dissuade consumers from applying for new loans, as well as their ability to pay off existing loans.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in China with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in China, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See All of Our DefinitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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