Nearly half of Hong Kong consumers foresee income growth in 2025

Millennials lead the way at 51%, up from 40% last year.

Nearly half (44%) of Hong Kong consumers anticipate an income increase over the next 12 months, with Millennials leading the way at 51%, up from 40% last year, TransUnion said.

In a report, TransUnion stated more than half (52%) of respondents are optimistic about their household finances for 2025, marking the highest level of optimism recorded in 2024.

The increased financial optimism is driven by rising income levels, an interest rate cut by the Hong Kong Monetary Authority in September 2024, and improved financial management capabilities, with 80% of consumers expecting to pay their bills and loans in full.

Meanwhile, one-third (33%) of consumers plan to increase discretionary spending on dining, travel, and entertainment during the holiday season.

However, 41% remain cautious about making large purchases due to concerns over inflation (57%) and job insecurity (54%).

A significant 84% of consumers view credit access as essential for achieving financial goals. Among them, 54% feel they have sufficient credit access, representing a 7% increase from the previous year.

Two-thirds (67%) of Gen Z respondents and 57% of Millennials believe they have adequate access to credit, reflecting growing confidence among younger generations.

Whilst 80% of consumers recognize the importance of monitoring their credit reports, 27% do not actively do so, highlighting the need for improved financial education.