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UK Plastic Cards: Outlook to 2011
Datamonitor, May 2010, Pages: 46
Introduction
With the slowdown in the global economy the UK card market went through a severe shake up in 2009 which will continue into 2010. This report offers an insight into what shape these changes will take, and the impact on the cards industry through to 2011. By using the most up to date market indicators this report highlights what will be the key influencers in a challenging environment.
Scope
-Part of the UK Plastic Cards series this report provides insight into the recessions full impact and the first signs of recovery
-Using the latest figures, the report focuses on the continued impact from the rise in unemployment on write-offs and transaction values
-Other key indicators covered in this report include shifts in consumer card use, and the growing threat from debit
-By using the latest available market data the report offers in-depth analysis of likely forecast scenarios through to 2011
Highlights
2009 has proven to be one of the most difficult years in the history of UK plastic cards. High unemployment, economic uncertainty and record levels of credit card write offs have led to a sharp shock for the industry. The credit card market has witnessed a decline across all metrics that will continue for much of 2010.
Although unemployment is high, it has not risen as high as initially feared. Consumer insolvencies remain at an all time high but are stabilising, while credit card write offs have likely peaked. The worst of the recession appears to be over, as the market shows its first signs of improvement. Issuers need to now return to a lending strategy.
The threat posed by debit to the credit card market is growing as a result of the recession. Consumers are shifting away from all forms of debt fuelled spending. Even as credit cards fall from favour, debit cards continue to see growth. The gap between debit and credit is widening and will only become more difficult to close with time.
Reasons to Purchase
-Understand the dramatic changes affecting the cards industry, with the latest available market data providing real world insight
-Learn what the key factors that will shape the UK cards market post downturn are and the likely shape of the market in the future
-Develop strategies for dealing with the aftermath of the global downturn by having an accurate account of what is happening now
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