Business Credit Demand drops by 7.3% during the December 2021 quarter Lockdown impacts business confidence

Business Credit Demand drops by 7.3% during the December 2021 quarter …

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Equifax NZ Quarterly Business Credit Demand Index: December 2021 

- Overall business credit enquiries decreased by -7.3% (vs Dec quarter 2020) 

- Business loan enquiries decreased by -14.8% (vs Dec quarter 2020) 

- Trade credit enquiries decreased -1.7% (vs Dec quarter 2020) 

- Asset finance enquiries rose by +7.6% (vs Dec quarter 2020) 

  

Business credit demand fell by 7.3% during the December 2021 quarter as lockdowns continued to impact business confidence. The decline in demand for business credit was driven predominantly by a 14.8% drop in demand for business loans reflecting the sectors most impacted by the pandemic such as hospitality, retail, and education. 


Released today by Equifax New Zealand a global data, analytics and technology company and the leading provider of credit information and analysis in New Zealand and Australia, the Business Credit Demand Index (BCDI) measures credit enquiry volumes for commercial products including asset finance, business loans and trade credit. 


 


Despite the decrease in overall business credit demand, New Zealand's Agriculture, Forestry and Fishing sector saw and increase of 10.3% during the December 2021 quarter. Equifax Managing Director Angus Luffman says the strong demand for New Zealand's key agricultural commodities is driving vehicle and equipment purchases. "Asset Finance has bucked the trend in the December quarter, with demand up by 7.6%, driven by those sectors with the strongest fundamentals." 


"In the construction sector, business credit demand remains strong but it's one to watch considering the growth constraints that exist - be they labour, supply chain or rising material costs. These are all factors that contribute to tightening balance sheets and profit margins," says Luffman. 


Trade credit demand has held up reasonably well despite the lockdowns, with the December 2021 quarter down just 1.7% on the same period in 2020. "The December quarter was a mixed bag for trade credit," says Luffman, "with increases in credit demand amongst the manufacturing, construction and primary industries, offset by weak credit demand in the hospitality and services sectors. Overall trade credit demand is yet to recover to pre-COVID levels, demonstrating that the broader impact of the pandemic remains very real for the wider trade and small to medium enterprise sectors of the economy." 

[ENDS] 



Sourec: SB Communications

 

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