TransUnion Q3 2023 Industry Insights

TransUnion's Q3 2023 Industry Insights Report unveiled notable shifts in Hong Kong's credit market. Despite a decrease in credit card originations, overall credit utilisation rose significantly, fuelled by a revival in retail spending. This was particularly evident in the subprime and near prime segments where utilisation saw the most substantial increases.

Robust 32% YoY growth among new-to-credit consumers indicated a resilient credit market. In the mortgage sector, origination volumes surged 18.7% YoY, driven by declining property values and new government policies aimed at boosting the housing market.

Revolving lines of credit also saw a noteworthy uptick (growing by 22.3% YoY), reflecting increased consumer engagement in retail shopping. Conversely, origination volumes for unsecured personal loans dipped by 6.8% YoY, albeit with a significant increase in average new account balances.

TransUnion analyses indicated a dynamic credit landscape shaped by evolving consumer behaviours and strategic lender offerings. The significant role of digital banking and shifting focus toward more personalised and digital consumer experiences were also key factors.

Download the report for our webinar for more stats, trends and insights, such as:

• Despite a year-over-year decline in new cards issued, utilisation and credit lines grew amidst retail spending revival
• Revolving line growth mirrored retail recovery while providing an alternative to cards
• Mortgage expansion aligned with declining property values — with new policies expected to bolster buyer interest