Analyzing the historical data of credit card functions in Canada from 2013 to 2023 reveals several notable trends. From 2013 to 2020, there was a visible decline with significant drops, especially in 2020, which saw a sharp reduction of 16.95% year-on-year. Following this, the market experienced a strong rebound in 2021 with a 26.58% increase. However, growth steadied in 2022 and experienced minimal change in 2023, standing at 78.16 million units.
For the five years leading to 2023, the compound annual growth rate (CAGR) was slightly negative at -0.1%, indicating very marginal decline on average per year. Looking at forecast data from 2024 to 2028, the market is expected to stabilize, exhibiting a modest CAGR of 0.04%, with overall growth being minimal at 0.19% over the five years.
Future trends to watch for include potential market adjustments due to evolving financial technologies, shifts in consumer preferences toward alternative payment methods, and regulatory changes that could impact credit card issuance and usage.