Report
Q4 2025 Industry Insights
Secured Consumer Lending in Hong Kong Saw Double-Digit Growth in Q4 2025
Q4 2025 Report highlights include:
- Mortgage and auto lending drove renewed credit momentum
- Credit card and personal loan balances remained resilient through selective borrowing
Hong Kong’s consumer credit market remained resilient with growth momentum anchored in secured lending in Q4 2025, as both mortgage and auto loan portfolios expanded. Credit card balances rose on the back of higher utilisation, with retail sales in Hong Kong recording continued growth over the second half of the year1.
While consumers held fewer credit products, they used those existing products more actively, placing greater emphasis on product fit, pricing and ongoing engagement. Market growth across categories was shaped less by new account acquisitions (supply) and more by consumers’ needs and priorities (demand).
Summary of growth in unsecured lending products Q4 2025
*Originations are reported one quarter in arrears due to data lag and reflect Q3 2025 volumes. The YoY change in originations reflects movement between Q3 2024 and Q3 2025.
Source: TransUnion Credit Information Services consumer credit database
“Hong Kong is entering a phase of optimisation rather than broad-based expansion,” said Sun. “We saw lenders ending 2025 by optimising their portfolios, positioning them well for growth in 2026. Going forward, they will need to focus on strategic capital allocation, defending top‑of‑wallet positions and maintaining disciplined risk management as portfolios rebalance.”
Weihan Sun, principal of research and consulting for Asia Pacific at TransUnion
About the Hong Kong Industry Insights Report
TransUnion’s quarterly Hong Kong Industry Insights Report provides in-depth, statistical information drawn from its regional consumer credit database, aggregated across virtually every active credit file on record. Each file contains hundreds of credit variables that illustrate consumer credit usage and performance. Entities across industries can subscribe to and leverage the Industry Insights Report to analyse market dynamics throughout an entire business cycle, helping them understand consumer behaviour over time. The report looks at major consumer lending categories: credit cards, loan on cards, personal loans, revolving lines, mortgages, and auto loans, focusing primarily on three dimensions across these categories: originations (new accounts opened), balances (outstanding total and average lending balances) and delinquencies (accounts in payment arears).
1 Trading Economics: Hong Kong Retail Sales YoY
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