New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 13% in August 2021 compared with the same month in 2020. In the eight months to August 2021, new business remained 15% higher than in the same period in 2020.
The retail store and online credit sector reported new business up by 9% in August compared with same month in 2020, and growth of 11% in the first eight months of 2021. The credit card and personal loan sectors together reported new business up by 29% in August compared with the same month in 2020, and growth of 10% in the first eight months of 2021.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:
“Most consumer finance sectors reported growth in August as they continued to recover from the impact of the pandemic on new business levels last year. The retail store and online credit sector reported annual new business in August 1% higher than its pre-pandemic peak.
“The near-term economic outlook is likely to be weaker than previously expected as rising prices and some increase in the unemployment rate following the end of the furlough scheme weigh on consumer confidence.”
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