New figures released by the Finance & Leasing Association (FLA) show that consumer finance new business grew by 33% in November 2021 compared with the same month in 2020. In the eleven months to November 2021, new business was 14% higher than in the same period in 2020.
The credit card and personal loan sectors together reported new business up by 34% in November compared with the same month in 2020, and 15% growth in the eleven months to November 2021. The retail store and online credit sector reported new business up by 2% in November compared with the same month in 2020, and 7% growth in the eleven months to November 2021.
Commenting on the figures, Geraldine Kilkelly, Director of Research and Chief Economist at the FLA, said:
“In the run up to Christmas the consumer finance market reported growth across the board, in part reflecting low new business levels a year earlier as the UK entered another lockdown to deal with rising Covid-19 cases. Consumer demand also remained robust with the retail store and online credit sector reporting its strongest November on record.
“Consumer finance new business provided by FLA members in 2021 as a whole is likely to be around 7% lower than its pre-pandemic peak and the rate of recovery is expected to slow in the near term as household disposable incomes are squeezed by higher inflation, taxes and interest rates.”
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