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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.
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 reveals an improving trend in overall consumer enquiry volumes for the quarter ending September 2022.