The historical and forecast data for the number of cards with a credit function in Belgium demonstrates fluctuating yet overall growth trends. From 2014 to 2019, there was incremental growth, influenced by economic factors and consumer behaviors. A sharp decline was observed in 2020 due to the pandemic. However, by 2021, a significant rebound occurred, leading to strong growth into 2022. For 2023, the market is steady at 2.47 million units, showing a modest year-on-year increase of 0.78%. The CAGR over the past five years stands at 0.81%, indicating a stable growth trend.
Future projections indicate a gradual upward trend, with an expected value of 2.57 million units by 2028, marking a 5-year CAGR of 0.61%, and a total growth rate of 3.1% from 2023 to 2028. This implies stable market expansion albeit at a slower rate compared to historical performances.
Future trends to watch for include:
- Advancements in digital payment solutions and their impact on credit card usage.
- Economic recovery and changes in consumer spending behavior post-pandemic.
- Regulatory changes and innovations in the fintech sector.
