TransUnion Q4 2022 Industry Insights Report

Private consumption remains stable despite economic contraction

TransUnion Q4 2022 Industry Insights Report (IIR) reported Hong Kong's economy contracted by 4.2%* YoY due to weak exports in a slowing global economy.

However, thanks to the anticipation of an influx of visitors and investors amid the reopening and relaxation of travel restrictions, private consumption continued to be stable; consumer sentiment remained positive; and the labour market saw steady improvement with unemployment down at 3.4%. 

The credit market experienced renewed growth in credit cards and personal loans. Delinquency rates remained low, indicating credit risk was not a significant concern for lenders.

As the economy improves and labour market stays strong, lending strategies should focus on driving asset growth, improving customer loyalty, extending relevant credit offers and engaging younger consumers.

Read the full report for stats, trends and insights on:

  • What's driving below prime credit card balance and origination growth
  • Why we’re seeing weak demand in the mortgage and auto markets
  • Who's reviving the steady demand for unsecured loans 

*Hong Kong Economy - Hong Kong Economic Situation - Latest Developments (

Q4 2022 Metrics for Major Consumer Credit Products in Hong Kong

Image showing Q4 2022 Metrics for Major Consumer Credit Products in Hong Kong

Source: TransUnion Hong Kong (except for mortgage data which is from the Residential Mortgage Survey (December 2022) published by the Hong Kong Monetary Authority)

i. Serious-delinquency rates are 90 or more days past due for credit cards and 60 or more days past due for all other credit products.
ii. Delinquency data are reported at a balance level except for mortgages and loan on card, which are reported at an account level.

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Kevin Chen

“Lenders need to invest in and diversify their strategies to become or remain the top of wallet card and ensure a meaningful share of consumers’ credit card balances, especially at a time when there are fewer cardholders with five or more cards in wallet.”

Kevin Chen, Principal, Financial Services Research and Consulting, TransUnion Asia Pacific


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