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Unsecured credit drives resurgence in consumer credit demand
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.