Attitudes towards Credit - China - May 2019
Covered in this report
For the purpose of this report, credit consumption mainly refers to consumers borrowing money from banks or other financial service providers to purchase goods and services. With the rapid development of e-commerce platforms and mobile payments, more and more products can be purchased on credit.
The credit products are defined as the credit-based products provided by banks, financial institutions, and online financial services platforms etc, such as credit cards, bank loans (eg consumption loan student loan, excluded home and car loan), and Ant Credit Pay from Ant Finance, an Alibaba subsidiary, etc
Credit services refers to those provided by the third-party credit scoring agencies (eg Zhima Credit, Xiaobai Credit). Credit services also include the exclusive rights and services that consumers can enjoy as an owner of the credit products (eg use and pay later, fee waiver).
“Consumers’ relaxed mindset on borrowing and the innovative internet credit products have fuelled the credit consumption to a record high level. The post-1990s generation outstripped the post-1980s to become the generation with the biggest demand for extra credit lines from the official banking system. Lower tier cities residents’ strong spending will also contribute to the increase in personal loans. As the third-party credit scoring platforms and credit ecosystem start getting established in China, consumers’ awareness of living on credit is awakening, with younger consumers and high earners taking the lead.”
-Summer Xia, Research Analyst
This report will look at the following areas:
- Drivers of credit consumption and loans
- Turn credit into a fortune
- Increasing consumer touch points is the key to growth
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