Veda Quarterly Consumer Credit Demand Index: Growth in consumer credit demand slows but remains in positive territory (March 2016 Quarter)
- Overall consumer credit applications up +4.7% (vs March quarter 2015)
- Growth in credit card applications slows to +2.0% (vs March quarter 2015)
- Personal loan applications rise +7.6% (vs March quarter 2015)
- Growth in mortgage applications falls to -0.3% (vs March quarter 2015)
The Veda Quarterly Consumer Credit Demand Index, measuring the volume of credit card and personal loan applications, showed a moderate 4.7% lift in consumer credit demand in the March quarter compared with the same period in 2015. The softer growth experienced in the March quarter was driven by easing growth rates for both credit card applications, which slowed from 7.3% in the December quarter to 2.0% in the March quarter, and personal loan applications, which decreased to 7.6% in the March quarter, from 11.9% the previous quarter.
The Veda Quarterly Consumer Credit Demand Index provides an early indication of movements in consumer spending and retail sales.
To read the full story click on this link
