The number of credit function cards in China has witnessed substantial growth from 2013 to 2023, reaching 779.67 million units in 2023. The period showcased significant fluctuations, with notable dips and spikes, such as a decrease in 2015 by -5.03% and a major increase in 2017 by 26.35%. However, the last two years experienced a moderately stable trend, with growth rates of -1.48% in 2022 and a recovery to a 3.26% increase in 2023. The average annual growth rate (CAGR) over the last five years stands at 2.6%. Moving forward, the forecasted CAGR over the next five years is estimated at 2.14%, indicating a relatively steady growth with a forecasted overall increase of 11.19% by 2028, reaching 897.15 million units.
Future trends to watch for:
- The impact of digital payment systems and how they might complement or compete with credit cards.
- Government policies and regulations affecting credit issuance and usage.
- Consumer behavior shifts, especially with the younger generation's approach to credit and debt.
- Technological advancements in fintech that could influence credit card market dynamics.
- Economic factors and their influence on credit demand and repayment capacity.