Based on the historical and forecast data provided, the number of cards with a credit function in Sweden has seen a consistent decline from 2013 to 2028. In 2023, the value stood at 6.62 million units, marking a year-on-year decline of -3.38%. This decline follows previous declines over the last few years, including a steep drop of -19.7% in 2020. Notably, there was a temporary recovery in 2021 with a year-on-year increase of 22.34%, but this was short-lived as the downward trend continued.
From 2024 onwards, the decline is projected to persist steadily, with an average annual decrease (CAGR) of -3.2% over the next five years, resulting in an overall reduction of -15.01% by 2028.
Future trends to watch for:
- Shifts in consumer preferences towards alternative payment methods such as digital wallets and BNPL (buy now, pay later) services.
- Potential regulatory changes affecting credit card usage and issuance.
- Economic factors influencing consumer spending and borrowing habits.
- Technological advancements in payment solutions that could further impact the demand for traditional credit cards.