Single User License USD: $2795 Report Code: FS0126MR Publicatio n date: Nov-14 Pages: 81 Consumer Credit in the UK - Key Trends and Opportunities to 2018 is a new market research publication announced by Reportstack. HSBC became the first lender to break the 5% interest rate barrier for its GBP7,500–15,000 personal loan, which launched a price war between mainstream lenders, as each bank or building society tried to get to the top of the comparison tables.
Report description overview: This report gives you exclusive access to market analysis, information and insights in the UK Consumer Credit Market. Understand the competitive landscape in terms of performance, profitability and product innovation with this indispensible resource, ideal for anyone with an interest in the Consumer Credit Industry! Report Highlight: Consumer confidence has picked up a great deal in 2014, and recorded the first positive score since before the financial crisis. The index score was at -2 in August 2014, and has averaged -4.5 throughout the year. This is after recording averages of -29 and -19.9 throughout 2012 and 2013 respectively. Consumers tend to make more purchases when confidence is higher, which subsequently boosts economic expansion. In contrast, if confidence is low, consumers tend to save more than they spend, prompting economic contraction. One of the main reasons for consumers’ concerns about personal finances comes amid rising inflation. Consumer confidence in the UK has improved in line with tentative economic recovery, however, and in July 2014, the GfK consumer confidence index reached a seven-year high.
Better consumer sentiment goes some way to explaining the recovery recorded in both the credit card loan and the other loans and advances categories. This is not surprising, as when consumers gain confidence to buy products they require credit, and when credit is more readily available confidence will increase.
Single User License USD: $2795 Report Code: FS0126MR Publicatio n date: Nov-14 Pages: 81
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