Australian Consumer Credit 2019: Review, Forecasts, and Future Opportunities

Australian Consumer Credit 2019: Review, Forecasts, and Future Opportunities



Summary



The Australian consumer credit market has been characterized by continued weakness as consumers prioritize mortgage debt over consumer debt. The growth of the Australian mortgage market combined with high debt servicing costs has displaced the consumer credit market as a less competitive form of finance. Balances outstanding for both personal loans and credit cards are not expected to grow until 2021, with COVID-19 expected to significantly disrupt the economy and change buying habits.



This report provides information and insight on the Australian consumer credit market. It includes details of the overall personal loans and credit card market; a look at the Australian macroeconomic scene; the competitive environment among the main consumer credit and buy now, pay later players; information regarding customer behavior and sentiment; and analysis of recent regulatory changes.



Scope



– Frequent users of digital and traditional channels are just as likely to prefer to use digital and non-digital alike when arranging to borrow money.

– All but two of the largest credit providers saw growth in their credit card loan books during 2012-19, with personal loans becoming a popular option among the under 35s.

– Buy now, pay later has emerged as an increasingly popular form of credit, threatening the conventional market, including credit cards.



Reasons to Buy



– Gain insight at both the micro and macro level of the Australian consumer credit market.

– Learn about threats to personal loan and credit card providers as well as potential opportunities, with an in-depth review of the buy now, pay later sector.

– Compare the performance and strategic direction of your firm against competitors.



Companies Mentioned:

National Australia Bank (NAB)

Australia and New Zealand Banking Group (ANZ)

Westpac

Commonwealth Bank of Australia (CBA)

St.George

Bendigo and Adelaide Bank

ME Bank

Macquarie

Afterpay

Mastercard

Visa

Klarna

Zip

Citibank

Bank of Melbourne

ChargeAfter

Youfoodz

Harris Farm Markets

RedBalloon

RateSetter

Ritesh Tiwari is the Founder of Research By Markets. He has more than 7 years experience in the Market Research industry and a total experience spanning 18+ years. His core experience is in Sales and International Recruitments. Ritesh is a big foodie and a huge football fan, supporting Manchester United (EPL) and FC Barcelona (La Liga). He hardly misses watching any matches when these teams are playing. Get in touch with Ritesh via: enquiry@researchbymarkets.com *Industry Press Release is a part of Research By Markets.