China will overtake US to become biggest retail deposit market globally in 2021, says GlobalData

China is set to overtake the US to emerge as the biggest retail deposit market globally in 2021, according to leading data and analytics company GlobalData.

The company’s Global Retail Banking Analytics tool, which has recently published an update on consumer deposit markets globally, reveals that Asian markets have and are expected to perform strongly between 2010 and 2021, while Europe and to a lesser extent, North America, have stagnated. Macroeconomic growth has led to rising wages and living standards across Asia, increasing the ability of consumers to save.

GlobalData’s Retail Banking Analyst Sean Harrison, says: “Following the 2008/09 financial crisis banks retreated from international markets. Ten years later, continued strong growth across Asia is leading many regional and aspiring international banks to reconsider their strategies.”

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