欧州のリテール貯蓄/投資市場データブック：2004 年版

Introduction

Datamonitor's European Retail Savings and Investments Databook 2004 report is a compendium to the European savings and investment industry. This Databook gives a comprehensive overview of where European households channelled their assets during 1999-2003. Forecasts are provided for each market up to 2008, detailing market size and growth for four non-life retail savings and investment products.

Scope of this report

• Standardized data on 12 European countries: Belgium, Denmark, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland and UK
• Detailed breakdown of the savings and investment market into retail deposits, mutual funds, direct bond and equity investment over 1999-2003

Research and analysis highlights

The retail savings and investment market in Ireland is the smallest of the European countries analysed, despite experiencing the largest compound growth per annum of 9.4% since 1999.

Since 1999, retail direct equity balances in Norway contracted at a CAGR of 5.7%. It is noteworthy that while during 1999-2003, markets such as France, Spain and the UK fell by 40.1%, 19.9% and 35.4% respectively, higher oil prices ensured that the Norwegian stock market fell by a mere 3.9% in absolute terms over this period.

The large direct retail bond markets in Europe contracted in the recent years. Germany and Italy are the only two big-5 European markets that experienced positive growth over 1999-2003.

Key reasons to read this report

• Assess the relative size and industry dynamics in each of the core European savings and investment markets to clearly identify key strategic issues;
• Access independent forecasts of European savings and investment markets to identify countries and product sectors for future investment;
• Develop strategies to acquire market share based on outlook going forward.

INTRODUCTION

What is the scope of the report?

Who is the target reader?

How is the report structured?

Chapter 2: European Market

Chapters 3-14: Individual country chapters

Chapter 15: Appendix

A note to previous customers of this report

EUROPEAN MARKET

Overview

Product overview

Country overview

Deposits

Market size

Market growth

Mutual funds

Market size

Market growth

Direct equity

Market size

Market growth

Direct bonds

Market size

Market growth

Forecast

Data

BELGIUM

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

DENMARK

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

FRANCE

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

GERMANY

Market drivers

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

IRELAND

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

ITALY

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

NETHERLANDS

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

NORWAY

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

SPAIN

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

SWEDEN

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

SWITZERLAND

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

UNITED KINGDOM

Market drivers

Market overview

Product segmentation

Deposits

Mutual funds

Equity and bonds

Forecast

APPENDIX

Definitions

Research methodology

Historic information

Belgium

Denmark

France

Germany

Ireland

Italy

Netherlands

Norway

Spain

Sweden

Switzerland

UK

Notes on changes to data

Belgium

Denmark

France

Germany

Italy

Norway

Spain

Sweden

Switzerland

Forecasting methodology

Selecting and projecting the macroeconomic variables

Building the market forecasts

Further Reading

Datamonitor Savings & Investments SPP Reports

Datamonitor Global Wealth Service SPP: Reports

Datamonitor Global Wealth Service SPP: Insight Reports

Datamonitor Financial Services Consulting

SPP writing team

List of Tables

Table 1: Europe: retail savings and investments balances, segmented by broad product line, 2003

Table 2: European retail savings and investments market, indexed, 1999-2003

Table 3: Proportion of European retail savings and investment product lines attributable to each country, 2003

Table 4: Proportion of total retail savings and investments in each country attributable to each broad product line, 2003

Table 5: Europe: retail deposit balances, segmented by country, 1999-2003

Table 6: Europe: retail mutual fund balances, segmented by country, 1999-2003

Table 7: Europe: retail direct equity balances, segmented by country, 1999-2003

Table 8: Europe: retail direct bond balances, segmented by country, 1999-2003

Table 9: Europe: Forecasted retail savings and investment balances, by broad product lines, 2003-2008f

Table 10: Europe: Forecasted total retail savings and investment balances, by country, 2003-2008f

Table 11: Market drivers in Belgium, indexed, 1999-2003

Table 12: Belgium: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 13: Belgium: retail savings and investments market, indexed, 1999-2003

Table 14: Belgium: retail deposit balances, segmented by sight and non-sight, 1999-2003

Table 15: Belgium: retail mutual funds balances, segmented by fund type, 1999-2003

Table 16: Belgium: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 17: Belgium: Forecasted retail savings and investment balances, 2003-2008f

Table 18: Market drivers in Denmark, indexed, 1999-2003

Table 19: Denmark: Retail savings and investment balances, segmented by broad product line, 1999-2003

Table 20: Denmark: retail savings and investment market, indexed, 1999-2003

Table 21: Denmark: retail mutual fund balances, segmented by fund type, 1999-2003

Table 22: Denmark: Forecasted retail savings and investment balances, 2003-2008f

Table 23: Market drivers in France, indexed, 1999-2003

Table 24: France: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 25: France: retail savings and investments market, indexed, 1999-2003

Table 26: France: retail deposits, segregated by sight and non-sight, 1999-2003

Table 27: France: retail mutual funds balances, segmented by fund type, 1999-2003

Table 28: France: retail mutual funds, segregated by onshore and offshore funds, 1999-2003

Table 29: France: Forecasted retail savings and investment balances, 2003-2008f

Table 30: Market drivers in Germany, indexed, 1999-2003

Table 31: Germany: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 32: Germany: retail savings and investments market, indexed, 1999-2003

Table 33: Germany: retail deposit balances, segmented by sight and non-sight, 1999-2003

Table 34: Germany: retail mutual funds balances, segmented by fund type, 1999-2003

Table 35: Germany: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 36: Germany: Forecasted retail savings and investment balances, 2003-2008f

Table 37: Market drivers in Ireland, indexed, 1999-2003

Table 38: Ireland: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 39: Ireland: retail savings and investments market, indexed, 1999-2003

Table 40: Ireland: retail mutual fund balances, segmented by fund type, 1999-2003

Table 41: Ireland: Forecasted retail savings and investment balances, 2003-2008f

Table 42: Market drivers in Italy, indexed, 1999-2003

Table 43: Italy: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 44: Italy: retail savings and investments market, indexed, 1999-2003

Table 45: Italy: retail mutual funds balances segmented by fund type, 1999-2003

Table 46: Italy: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 47: Italy: Forecasted retail savings and investment balances, 2003-2008f

Table 48: Market drivers in the Netherlands, indexed, 1999-2003

Table 49: Netherlands: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 50: Netherlands: retail savings and investments market, indexed, 1999-2003

Table 51: Netherlands: retail deposit balances, segmented by sight and non-sight, 1999-2003

Table 52: Netherlands: retail mutual funds balances, segmented by fund type, 1999-2003

Table 53: Netherlands: Forecasted retail savings and investment balances, 2003-2008f

Table 54: Market drivers in Norway, indexed, 1999-2003

Table 55: Norway: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 56: Norway: Retail savings and investment market, indexed, 1999-2003

Table 57: Norway: retail deposit balances, segregated by sight and non-sight, 1999-2003

Table 58: Norway: retail mutual fund balances, segmented by fund type, 1999-2003

Table 59: Norway: Forecasted retail savings and investment balances, 2003-2008f

Table 60: Market drivers in Spain, indexed, 1999-2003

Table 61: Spain: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 62: Spain: retail savings and investments market, indexed, 1999-2003

Table 63: Spain: retail deposit balances, segmented by sight and non-sight, 1999-2003

Table 64: Spain: retail mutual funds balances, segmented by fund type, 1999-2003

Table 65: Spain: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 66: Spain: Forecasted retail savings and investment balances, 2003-2008f

Table 67: Market drivers in Sweden, indexed, 1999-2003

Table 68: Sweden: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 69: Sweden: Retail savings and investment market, indexed, 1999-2003

Table 70: Sweden: retail mutual fund balances, segmented by fund type, 1999-2003

Table 71: Sweden: Retail mutual fund balances, segregated by onshore and offshore funds, 1999-2003

Table 72: Swedish: Forecasted retail savings and investment balances, 2003-2008f

Table 73: Market drivers in Switzerland, indexed, 1999-2003

Table 74: Switzerland: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 75: Switzerland: retail savings and investments market, indexed, 1999-2003

Table 76: Switzerland: retail deposit balances, segmented by sight and non-sight, 1999-2003

Table 77: Switzerland: retail mutual funds balances, segmented by fund type, 1999-2003

Table 78: Switzerland: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 79: Switzerland: Forecasted retail savings and investment balances, 2003-2008f

Table 80: Market drivers in the UK, indexed, 1999-2003

Table 81: UK: retail savings and investment balances, segmented by broad product line, 1999-2003

Table 82: UK: retail savings and investments market, indexed, 1999-2003

Table 83: UK: retail mutual funds balances, segmented by fund type, 1999-2003

Table 84: UK: retail mutual funds balances, segregated by onshore and offshore funds, 1999-2003

Table 85: UK: Forecasted retail savings and investment balances, 2003-2008f

List of Figures

Figure 1: Direct investment in equity by European households declined at 11% compounded annually to EUR1,239bn in 2003

Figure 2: European household investment in mutual funds increased by 13% between 2002-2003

Figure 3: The German retail savings and investment market remains the largest despite a negative compound annual growth rate between 1999-2003

Figure 4: Despite experiencing the highest growth rate, the Irish retail deposit balances remained the smallest in Europe during 2003

Figure 5: Deposits held by Irish households grew at the fastest compound annual rate in Europe between 1999-2003

Figure 6: Spanish retail investments in mutual funds accounted for 10% of the total European market in 2003

Figure 7: Retail investments in mutual funds by Italian households declined at 7% compounded annually between 1999-2003

Figure 8: Direct equity investment by Swiss households accounted for 11% of the total European market for retail direct equity in 2003

Figure 9: Retail direct investments in equity by French households grew at the slowest compound annual rate in Europe between 1999-2003

Figure 10: Italian households accounted for the largest share of the total European direct retail investment in bonds in 2003

Figure 11: Retail direct investments in bonds by Swedish households grew at the slowest compound annual rate in Europe between 1999-2003

Figure 12: Investment in mutual funds by European households is estimated to grow at a CAGR of 9% between 2003-2008

Figure 13: The Belgian stock market fell by 33% between 1999-2003

Figure 14: Household investment in mutual funds equates to over one fifth of total Belgian retail savings and investments, 2003

Figure 15: Direct investment in equity by Belgian households increased by 18% between 2002-2003

Figure 16: Sight deposits held by Belgian households increased at 7% compounded annually since 1999 to EUR28bn in 2003

Figure 17: Belgian retail investments in balanced funds increased at 4% compounded annually since 1999 to EUR25bn in 2003

Figure 18: Direct investment in equity by Belgian households decreased at 18% compounded annually since 1999 to EUR35bn in 2003

Figure 19: Investment in mutual funds by Belgian households estimated to grow by 59% in absolute terms between 2003-2008

Figure 20: The Danish stock market grew by 22% between 2002-2003

Figure 21: Direct household investment in bonds equates to nearly a fifth of total Danish retail savings and investments, 2003

Figure 22: Danish household direct investment in equity increased by nearly 30% between 2002-2003

Figure 23: Deposits held by Danish households have grown at 7% compounded annually since 1999 to DKK450bn in 2003

Figure 24: Danish retail investments in bond funds increased at a CAGR of 27% between 1999-2003

Figure 25: Direct investment in bonds by Danish households decreased at 4% compounded annually since 1999 to DKK183bn in 2003

Figure 26: Investment in mutual funds by Danish households estimated to grow by 47% in absolute terms between 2003-2008

Figure 27: The French stock market grew by over 16% between 2002-2003

Figure 28: Household investment in mutual funds equates to 23% of total French retail savings and investments, 2003

Figure 29: French household direct investment in equity increased by a meager 5% between 2002-2003

Figure 30: Non sight deposits held by French households jumped by 8% between 2002-2003

Figure 31: French retail investments in equity funds increased by 10% between 2002-2003

Figure 32: Direct investment in bonds by French households decreased by 6% between 2002-2003

Figure 33: Direct investment in equity by French households estimated to grow by 47% in absolute terms between 2003-2008

Figure 34: German stock market grew by over 37% between 2002-2003

Figure 35: Direct household investment in equity equates to one tenth of total German retail savings and investments, 2003

Figure 36: German household investment in mutual funds increased by 14% between 2002-2003

Figure 37: Sight deposits held by German households increased at 11% compounded annually since 1999 to EUR388bn in 2003

Figure 38: German retail investments in property funds increased at 14% compounded annually since 1999 to EUR88bn in 2003

Figure 39: Direct investment in equity by German households decreased at 17% compounded annually since 1999 to EUR156bn in 2003

Figure 40: Direct investment in bonds by German households estimated to grow by 19% in absolute terms between 2003-2008

Figure 41: The Irish stock market grew by 23% between 2002-2003

Figure 42: Direct household investment in equity equates to 31% of total Irish retail savings and investments, 2003

Figure 43: Retail deposits held by Irish households grew by 12% between 2002-2003

Figure 44: Deposits held by Irish households increased at 15% compounded annually since 1999 to EUR48bn in 2003

Figure 45: Irish retail investments in property funds declined at 4% compounded annually since 1999 to EUR80m in 2003

Figure 46: Direct investment in bonds by Ireland households grew at 18% compounded annually since 1999 to EUR1bn in 2003

Figure 47: Investment in mutual funds by Irish households estimated to grow at a CAGR of 9% between 2003-2008

Figure 48: Average earnings in Italy increased by over 3% between 2002-2003

Figure 49: Direct household investment in bonds equates to 42% of total Italian retail savings and investments, 2003

Figure 50: Direct investment in equity by Italian households increased by 19% between 2002-2003

Figure 51: Deposits held by Italian households increased at 3% compounded annually since 1999 to EUR401bn in 2003

Figure 52: Italian retail investments in money market funds increased at a CAGR of 43% since 1999 to EUR86bn in 2003

Figure 53: Direct investment in equity by Italian households decreased at 8% compounded annually since 1999 to EUR141bn in 2003

Figure 54: Direct investment in bonds by Italian households estimated to grow at a CAGR of 4% between 2003-2008

Figure 55: Average earnings in the Netherlands grew by nearly 4% between 2002-2003

Figure 56: Household investment in mutual funds equates to one fifth of total Dutch retail savings and investments, 2003

Figure 57: Dutch household investment in mutual funds increased by 6% between 2002-2003

Figure 58: Sight deposits held by Dutch households increased at 4% compounded annually since 1999 to EUR44bn in 2003

Figure 59: Dutch retail investments in equity funds decreased at 10% compounded annually since 1999 to EUR33bn in 2003

Figure 60: Direct investment in equity by Dutch households decreased at 14% compounded annually since 1999 to EUR89bn in 2003

Figure 61: Investment in mutual funds by Dutch households estimated to grow by 56% in absolute terms between 2003-2008

Figure 62: Average earnings in Norway increased by over 4% between 2002-2003

Figure 63: Direct household investment in mutual funds equates to 12% of total Norwegian retail savings and investments, 2003

Figure 64: Norwegian household investment in mutual funds increased by 40% between 2002-2003

Figure 65: Deposits held by Norwegian households increased at 8% compounded annually since 1999 to NOK513bn

Figure 66: Norwegian retail investments in equity funds increased nearly 38% since 2002 to NOK38bn in 2003

Figure 67: Direct investment in equity by Norwegian households increased by 34% during 2002-2003

Figure 68: Direct investment in bonds by Norwegian households estimated to grow at a CAGR of 6% between 2003-2008

Figure 69: The Spanish stock market grew by 27% between 2002-2003

Figure 70: Household investment in mutual funds equates to one fourth of total Spanish retail savings and investments, 2003

Figure 71: Spanish household investment in mutual funds increased by 18% between 2002-2003

Figure 72: Sight deposits held by Spanish households increased at 9% compounded annually since 1999 to EUR71bn in 2003

Figure 73: Spanish retail investments in balanced funds decreased at 18% compounded annually since 1999 to EUR18bn in 2003

Figure 74: Direct investment in bonds by Spanish households increased at 10% compounded annually since 1999 to EUR36bn in 2003

Figure 75: Direct investment in equity by Spanish households estimated to grow at a CAGR 10% between 2003-2008

Figure 76: The Swedish stock market grew by 30% between 2002-2003

Figure 77: Household investment in mutual funds equates to 29% of total Swedish retail savings and investments, 2003

Figure 78: Swedish household investment in direct equity increased by 30% between 2002-2003

Figure 79: Retail deposits held by Swedish households increased at 6% compounded annually since 1999 to SEK551bn in 2003

Figure 80: Swedish investments in balanced funds decreased at 11% compounded annually since 1999 to SEK41bn in 2003

Figure 81: Direct investment in equity by Swedish households decreased at 10% compounded annually since 1999 to SEK313bn in 2003

Figure 82: Investment in mutual funds by Swedish households estimated to grow at a CAGR 9% between 2003-2008

Figure 83: The Swiss stock market grew by nearly 19% between 2002-2003

Figure 84: Deposits held by households equates to 41% of total Swiss retail savings and investments, 2003

Figure 85: Swiss household investment in mutual funds increased by 12% between 2002-2003

Figure 86: Non-sight deposits held by Swiss households increased at 3% compounded annually since 1999 to CHF283bn in 2003

Figure 87: Swiss retail investments in property funds increased at 13% compounded annually since 1999 to CHF6bn in 2003

Figure 88: Direct investment in equity by Swiss households decreased at 8% compounded annually since 1999 to CHF206bn in 2003

Figure 89: Direct investment in bonds by Swiss households estimated to contract by 7% in absolute terms between 2003-2008

Figure 90: The UK stock market grew by nearly 14% between 2002-2003

Figure 91: Direct household investment in equity equates to over a fifth of total UK retail savings and investments, 2003

Figure 92: Direct investment in equity by UK households increased by 33% between 2002-2003

Figure 93: Deposits held by UK households increased at 8% compounded annually since 1999 to GBP655bn in 2003

Figure 94: UK retail investments in balanced funds decreased at 10% compounded annually since 1999 to GBP5bn in 2003

Figure 95: Direct investment in bonds by UK households decreased at 5% compounded annually since 1999 to GBP26bn in 2003

Figure 96: Investment in mutual funds by UK households estimated to grow at by 54% in absolute terms between 2003-2008