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Business credit demand stabilised, down -1.2% year on year in the September quarter of 2023, following a strong June quarter 2023 result. Overall demand has steadied, with solid demand growth in the Accomodation and Food Services sector, offset by some softness in the Construction sector.
Despite uncertain market conditions consumer credit demand rose slightly in the September quarter of 2023, according to the latest Equifax Quarterly Consumer Credit Demand Index (September 2023). The September quarter saw further stabilisation of retail credit demand, with solid growth in July and August, tempering through September in the run up to the election. The growth in demand was largely driven by personal loans (up +16.7% vs the same period in 2022).
Business credit demand grew +6.3% year on year in the second quarter of 2023, the biggest increase in two years. This is a positive sign for NZ businesses and the economy as demand returns to pre-pandemic volumes. According to Equifax, asset finance (+13.2%) and business loans (+7.2%) were the largest contributors to the June quarter increase, with trade credit relatively soft (+1.1%) year on year. This is a strong turnaround from previous quarters.
Following seven consecutive quarters of decline, consumer credit demand increased +5.3% in the June quarter of 2023 vs the same period last year. Unsecured credit demand increased markedly, up +15.1% year-on-year for the June quarter, driven by ongoing growth in credit card demand (up +16.0% vs the same period in 2022), along with strong personal loan demand (up +14.5% vs the same period in 2022). Mortgage demand dipped slightly, -1.7% in the June 2023 quarter versus the same quarter 2022.
Business credit demand fell -6.6% year on year in the first quarter of 2023, with demand across all commercial credit types below pre-pandemic levels. Demand is now at its lowest level since the initial lockdown in H1 2020, with a greater than average seasonal dip and severe weather events contributing to the decline.
The March Consumer Credit Demand Index shows consumer credit demand is at its lowest point since the first Covid lockdown in 2020, despite credit card resilience. Mortgage demand dropped by a fifth compared to the same quarter last year. The data indicates a dip in consumer sentiment as consumers are concerned about taking on new spending in an uncertain and increasingly expensive environment.
The latest Quarterly Consumer Credit Demand Index for the quarter ending December 2022 shows a continuing stable trend in overall consumer enquiry volumes across 2022. However, demand remains below pre- and post-pandemic volumes, with a notable dip in home lending appetite for the last quarter of 2022.
The latest Quarterly Consumer Credit Demand Index reveals an improving trend in overall consumer enquiry volumes for the quarter ending September 2022.
Business credit demand has been relatively soft since the August 2021 lockdown, however commercial lending appetite has been steadily improving since the start of 2022 and is slowly nudging towards pre-pandemic levels.
Some small businesses can view credit checks as too expensive or time consuming. Business credit checks, however, are an investment that pays off if you want to understand how risky a client's business is
Cash flow is an integral part of any business, particularly for small and medium-sized enterprises (SMEs).
Business Credit Demand down 12% during the June 2022 quarter, Business Loans below 2020 lockdown levels
Overall business credit demand is down year-on-year for the 4th consecutive quarter, and remains below pre-COVID volumes.
We sat down with Senior Product Manager Angeles Retamal to find out how Equifax New Zealand’s Affordability Solutions are solving those challenges for Mortgage Brokers.
According to the latest Quarterly Consumer Credit Demand Index, overall consumer enquiry volumes declined for the 3rd quarter in a row, with a year-on-year reduction of 32% for the quarter ending March 2022.
Business credit demand continued to be soft, declining for the third consecutive quarter, with a 9.2% reduction in overall business credit enquiries year-on-year for the March 2022 quarter.
Equifax's partnership with financial literacy platform Banqer means thousands of Kiwi kids are learning about credit. Here are some of Banqer’s secrets to successful learning in the classroom.
No one wants to continue assessing customer income and expense data manually. Lenders are all too aware of the inefficiency of paperwork-heavy processes, and today's borrower wants a simplified and fast loan application experience.
Kirsty Anderson wishes she’d known more about credit as a young adult. As a teacher at Christchurch’s Broadfield School, she’s been learning alongside her students as she teaches our young Kiwis how to be credit smart.
Considered as the money-spinning quarter every year, especially for retail, finance and e-commerce, the holiday season this yea
When debt becomes overwhelming, it can take a toll on your physical and mental health.
The Covid-19 crisis is affecting many aspects of our lives, and protecting your credit is a critical part of navigating these c
In this two-part blog on the power of positive credit reporting, we highlight five ways mid-market lenders (MMLs) can benefit. In part two, we’ll share an interview with one of our partners helping take the pain out of onboarding for lenders with limited resources.
Using visuals to tell data stories is a great way to engage your audience. That’s because our brains absorb and retain images more easily than words. What’s more, you don’t need to be an expert - here’s how to get started.
We ask web based financial education platform Banqer's co-founder about creating a future of more credit-savvy individuals via New Zealand classrooms.
The final part of our blog series examines the use of combined data and customer profiling to implement data driven marketing and increase your return on investment.
Small to medium sized business? Check out our top tips for better cashflow control.
Part three in our four-part blog series looks at how to combine your own customer data with that of a third party to better tailor your marketing strategies.
Part two of a four-part blog series. Learn the four essential components for building a data driven marketing strategy.
Part one of a four-part blog series. Learn the four essential components for building a data driven marketing strategy.
AUSTRALIA/NEW ZEALAND, June 6, 2017 – Equifax Inc. (NYSE: EFX), a global information solutions company, today announced the realignment of some of its key senior leadership roles. The repositioning of its executive bench is in line with the Company’s strategy of empowering its management team to take on broader responsibilities that bring new insights to its business units and centers of excellence.
AUCKLAND, March 20, 2017 – Educating school students on the pros and cons of credit so they become more financially savvy is driving a new partnership which will be launched at Murray’s Bay Intermediate School in Auckland today.
AUCKLAND, NEW ZEALAND – 13 March 2017 – Veda has today completed its rebranding process to officially become the Australian and New Zealand division of Equifax, the global information solutions company, listed on the New York Stock Exchange, and the leading provider of credit information and analysis in Australia and New Zealand.
Booming residential construction increases the risk & rewards for the construction sector - Fuse September 2016
The New Zealand property market has experienced rapid growth over the last 18 months as demand outstrips supply across most parts of the country.
Since the 2011/12 peak pay-out and the dairy industry has experienced a multi-billion dollar reduction in income.
The New Zealand Innovation Awards 2016 were held late last month with Ligar – Ligar for the Environment taking home the enviable title of Start-Up Innovator of the Year, a new category sponsored by Equifax New Zealand.
Auckland, New Zealand, Wednesday, 4 May 2016: Activity in the New Zealand housing market remains strong, with mortgage applications up 11.6 per cent year-on-year in the March 2016 quarter according to Veda, the leading provider of data analytics and credit information in New Zealand and a wholly-owned subsidiary of Equifax.
Auckland, New Zealand, Thursday, 31 March 2016: Tomorrow marks the four-year anniversary of Comprehensive Credit Reporting (CCR) being permitted in New Zealand. With the industry transition to CCR now well progressed and real benefits being realized, both credit providers and consumers have cause to celebrate.
Auckland, New Zealand: Tuesday 1 December, 2015 – Analysis by Veda, the leading provider of credit information and analytics in Australasia, has found that lenders participating in comprehensive credit reporting (CCR) are reporting an increase in approval rates of between 10-20 per cent for new-to-lender applicants.
Auckland New Zealand, Monday 2 February 2015: According to New Zealand’s largest credit bureau, Veda, 216,000 New Zealanders, over the age of 18, use more than one name to apply for credit and have an adverse credit history, potentially presenting a real credit and fraud risk to banks, finance companies, lenders and other credit providers such as telcos, and energy companies.
Auckland New Zealand: 10 November 2014 - New Zealand’s leading credit bureau, Veda, has extended its extensive suite of electronic identity verification products to include a real-time Passport Verification Service via the Department of Internal Affairs.