Photo by jcomp from Freepik.

Credit card issuance slows in Q1 2025 amidst soft retail demand

Gen Z accounted for 26.9% of total originations.

Credit card issuance slowed in the first quarter of 2025 (Q1 2025) amidst weakening retail spending.

Originations fell 4.5% year-on-year, according to TransUnion's Hong Kong Industry Insights Report.

Gen Z accounted for 26.9% of total originations, overtaking Gen X for the first time. Their credit card originations rose 10.2% YoY.

Some areas of the consumer credit market saw growth in Q1 2025.

Personal loan originations rose 6.6% year-on-year in Q1 2025.

Gen Z drove growth in personal loans, with volume up 35.4% YoY and making up 15.5% of total originations.

Meanwhile, data from the Hong Kong Monetary Authority (HKMA) showed mortgage originations surged 18.7% year-on-year, with average loan value up 9.6% and outstanding accounts rising 22.4%.

TransUnion said non-bank lenders gained market share. Traditional banks accounted for 80.4% of credit card originations, a 2.8% decline from the previous quarter.

In personal loans, money lenders issued 11% more than banks. Digital banks contributed 7.6% of personal loan originations, more than double compared to last year.

Follow the link for more news on

Join Hong Kong Business community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!