Hong Kong credit plans sink despite approval confidence

Only 27% expect to seek financing within the next year versus 42% previously.

Hong Kong consumers became more confident about their access to credit in the second quarter of 2026, even as fewer planned to take on new borrowing.

About 57% of consumers said they had sufficient access to credit products, up from 55% a year earlier, according to TransUnion’s Consumer Pulse Study. 

Another 67% believed they would be approved for credit if they needed it, compared with 63% in Q2 2025.

Despite this, only 27% planned to apply for new credit or refinance existing credit within the next year, down from 42% a year earlier.

Amongst consumers planning to seek credit, 51% intended to apply for a new credit card. 

About 27% expected to request a higher credit limit on an existing card, whilst 26% planned to apply for a personal loan.

Demand for mortgages remained relatively limited. Younger consumers were more likely to consider new borrowing. 

About 38% of Gen Z consumers planned to apply for new credit or refinance within the next year, compared with 29% of millennials, 21% of Gen X consumers and 13% of baby boomers.

Access to credit also remained important to consumers’ financial plans. 

In Q2 2026, 51% said access to credit and lending products was extremely or very important to achieving their financial goals, down from 56% in Q2 2025.

Amongst consumers who decided not to pursue new credit, 28% cited high borrowing costs. Another 27% pointed to lengthy approval times, whilst 26% cited complicated application processes. 

Income eligibility and credit history were also factors affecting borrowing decisions.

The findings indicate that consumers are more confident about obtaining credit but are becoming more cautious about taking on additional debt.