Majority of Gen Z use credit cards: survey

They have a median balance per consumer of $4,316 (US$555).

An overwhelming 91% of Hong Kong’s Generation Z - those born in or after 1995 - have a credit card, according to a study by consumer credit report agency TransUnion.

The city came second to Canada (99.8%) and ahead of the United States (50%). Hong Kong’s Gen Z have a median balance per consumer of $4,316 (US$555), compared to the US’ $4,730 (US$606).

Consistent GDP growth rate, accompanied by a relatively low interest rate and technological advancements allowed Gen Z to seek credit.

However, balance utilisation rates came in at 19%, compared to US’ and Canada’s 31%. And although credit card usage is high, the percentage of the next most popular products amongst Hong Kong’s Gen Z falls dramatically, with revolving loans at 5% and personal loans at 5%.

Compared to the city’s overall credit active population, the Gen Z are more likely to be prime plus (BB, 33%) or prime (CC, 28%). AA or super prime accounted for 24%, whilst 12% are near prime (DD-HH), and 4% are subprime (II-JJ).

As of Q2 2019, Gen Z comprised more than 1.6 million (22%) of Hong Kong, with those who are over 18 and eligible for credit comprising 6%. Almost half (49%) of this eligible group were credit active during the same period.

Photo courtesy of Pexels.com.

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!


Managing conversations to increase conversions
Enterprises that used chat management platform, imBee, saw a 25% increase in sales. 
Where to invest your millions in real estate
Realtors cited two property types that can offer higher upside potential in return.
Property market ends downcycle 
Real estate expert, Cathie Chung, said that the market will have a reset by 2023.
No spacious homes for Hong Kong’s poor anytime soon 
Home size adjustment will be unlikely in the city after the waiting time for public housing hit a record-high.