Consumer Pulse Q1 2021

Consumers are more optimistic in March regarding a timeline for the reopening of the economy than they were in December when we were just re-entering lockdown; 54% are somewhat, very, or extremely optimistic versus 42% in December. The successful rollout of vaccines is likely a key driver; in the same period, we’ve gone from zero to over 20 million doses delivered.

Despite the economic upheaval, household finances are relatively stable with 40% reporting finances are as planned, and 29% stating they’re better than planned.

Despite this, COVID-19 is likely to cast a long shadow with a significant portion of consumers self-censoring their credit demand. While 32% of households are planning to apply for new credit or refinance existing credit in the next 12 months, 28% have considered it but ultimately decided not to apply. Consumers who have opted out of the market tend to do so due to a lack of confidence in their chances of being approved; 27% cite concerns about their credit history and 23% cite concerns about their income or affordability.

If you’re a consumer with questions or issues related to your personal credit report, drivers history report, disputes, fraud, identity theft, credit report freeze or credit monitoring services, please visit our Customer Enquiries page for assistance.

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