Allied Market Research

2024

Household Finances Market

Household Finances Market Size, Share, Competitive Landscape and Trend Analysis Report by Type (Home Purchase, Land Purchase, Construction, Others), by Interest Rate (Fixed Rate, Floating Rate) and by Source (Public Private Bank, Non-Banking Financial Institution (NBFC), Housing Finance Companies (HFC)): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Vineet Kumar
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Household financing involves borrowing money to meet household needs such as home, repairs, and maintenance. Household finance, also known as consumer finance, is increasingly used for home purchase, land purchase, and repair & improvement. Furthermore, household finance provides a variety of repayment options such as standard annual payments, monthly payments, and one-time payments. Moreover, transactions in household finance are scrutinized & underwritten by the respective country national housing bank, which is an apex-level institution established by the parliament to promote and protect the rights of housing loan.

The major companies profiled in the household finances market include UBS, Morgan Stanley, Bank of America Corporation., JPMorgan Chase & Co, Goldman Sachs, Royal Bank of Canada, Charles Schwab & Co, Citigroup Inc., Julius Baer Group, and CREDIT SUISSE GROUP. The players have adopted various strategies including new product launches, collaborations, partnerships, mergers & acquisitions, joint ventures, agreements, and others to gain a stronghold and international presence across the world.

The household finances market share is segmented based on type, interest rate, provider, and region. Based on type, the market is bifurcated into home purchase, land purchase, construction, and others. By interest rate, it is categorized into fixed rate and floating rate. Based on provider, it is classified into public & private bank, non-banking financial institution, and housing finance companies. Based on region, the market is analyzed across Europe, Asia-Pacific, North America, and LAMEA.

Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis

Technological advancements in home loans and transparency in tracking systems propel the market growth. However, higher default risk in loan repayment is expected to hamper the growth of the market. Contrarily, rise in adoption of artificial intelligence and machine learning can be witnessed as an opportunity for the household finances market.

The household finances market trends are as follows:

Technological advancements in home loans

Rise in the number of tech-savvy homeowners and increased adoption of digitalization among competitors in the household finance to provide better customer services propel the market growth. Furthermore, the usage of digitization aids in the optimization of a company's performance by reducing time spent on repetitive tasks. Moreover, lenders are increasingly relying on data and technology solutions to keep updated with market trends. Furthermore, the loan process across several lenders has been digitalized, as it helps with the easy accessibility of the loan process. Artificial intelligence provides personalized service and assists the customer in the selection of better loan options based on their requirements. As a result, technological advancements are propelling the market growth.

Higher default risk in loan repayment:

Household loans involve easier application process and are generally approved by banks and non-banking financial institutions. However, during the global pandemic situation, households finance suffered huge losses due to unemployment, reduced hours, or pay cuts. Furthermore, households were financially vulnerable before the COVID-19 pandemic and their situation has worsened during the pandemic. Therefore, during such situation, the borrowers must grant permission for the property to be taken over in the event of non-payment of the loan amount. As a result, higher default risk in household loans will slow down the growth of the household finances market during the forecast period.

COVID-19 Impact Analysis

  • In the wake of the COVID-19 pandemic situation, lenders have reduced their risk exposure to protect from business losses. Furthermore, household loan borrowers have experienced limited loan availability and time-consuming loan approval process during the lockdowns.
  • Moreover, due to massive increase in unemployment rates & economy slowdown, lenders are dealing with huge demand for loans and staffing issues as per the ongoing pandemic situation. These factors have negatively affected the growth of the household finances market.

Key Benefits of the Report

  • This study presents analytical depiction of the household finances market along with the current trends and future estimations to determine the imminent investment pockets.        
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.      
  • The current market is quantitatively analyzed to highlight the household finances market growth scenario.                             
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.  
  • The report provides a detailed market analysis depending on the present and future competitive intensity of the market.

Questions Answered in the Research Report     

  • Which are the leading players active in the household finances market?
  • What are the detailed impacts of COVID-19 on the market?
  • What current trends will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What future projections would help in taking further strategic steps?

Household Finances Market Report Highlights

Aspects Details
Household Finances Market By Type
By Type
  • Home Purchase
  • Land Purchase
  • Construction
  • Others
Household Finances Market By Interest Rate
By Interest Rate
  • Fixed Rate
  • Floating Rate
Household Finances Market By Source
By Source
  • Public & Private Bank
  • Non-Banking Financial Institution (NBFC)
  • Housing Finance Companies (HFC)
Household Finances Market By Region
By Region
  • North America  (U.S., Canada)
  • Europe  (France, Germany, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, Rest of Asia-Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
Key Market Players
Key Market Players

Citigroup Inc., Goldman Sachs, CREDIT SUISSE GROUP, Morgan Stanley, UBS, Julius Baer Group, Royal Bank of Canada, Bank of America Corporation., Charles Schwab & Co, JPMorgan Chase & Co

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Household Finances Market

Global Opportunity Analysis and Industry Forecast, 2023-2032