环联：香港家庭收入第四季仍维持稳定 信贷不再被视为“必需品”

Core Insights - The consumer survey by环联 indicates that despite ongoing pressure in the job market, household income in Hong Kong remains stable, reflecting resilience among consumers [1][2] - Consumers are adopting a more cautious approach towards credit, viewing it as a choice that requires careful consideration rather than a necessity [1][3] Group 1: Employment and Income Stability - The unemployment rate in Hong Kong reached a three-year high of 8% among youth by the end of Q3 2025, yet over half of consumers reported stable income over the past three months, an increase of three percentage points from the previous year [1] - The percentage of respondents reporting a decrease in income fell from 14% last year to 12% this year, indicating a generally stable financial situation for most households [1] Group 2: Consumer Sentiment and Financial Outlook - In Q4 2025, only a small percentage of consumers expressed concerns about being unable to pay at least one current bill or loan, dropping to a five-quarter low of 20% [2] - 54% of respondents expressed optimism about their household financial outlook for the coming year, a slight increase of two percentage points year-on-year [2] Group 3: Cost of Living and Financial Management - Over 60% of respondents identified inflation of daily necessities as the primary concern affecting their household finances in the next six months, followed by employment prospects [2] - Consumers are prioritizing emergency savings and retirement funds, with 38% and 20% respectively increasing these savings in the past three months [3] Group 4: Changes in Credit Perception - Less than half of respondents view credit and loan products as very or extremely important for achieving financial goals, a decrease from 53% in Q4 2024 [3][4] - Confidence in obtaining necessary credit has dropped significantly, with only 61% of Generation Z feeling confident about their credit applications being approved, a decline of 15 percentage points year-on-year [4]