SINGAPORE: UnaFinancial’s recent analysis of Google search queries related to lending in Southeast Asia shows a consistent spike in March over the past four years. During this period, the requests increase on average by 17.8% compared to the previous month. This pattern suggests a correlation with the financial impact of Lunar New Year celebrations, typically held in late January or February. As for the traditional New Year, the interest in lending products tends to fall in December and shows only a modest increase in January.
According to UnaFinancial, the consistent rise of search activity in March, coupled with strong cultural drivers, suggests a predictable trend for 2025. The analysts anticipate that the interest in lending may grow again by 15-20% in March.
“Lunar New Year is a time deeply associated with renewal,” explain the analysts. “Families across the region often make significant purchases during this time and allocate much of their budget to festive celebrations. Borrowing afterward becomes a practical solution to replenish their household finances.”
The consumer behaviour during the holidays is also confirmed by a survey conducted by Milieu Insights in late 2023. It revealed that 52% of respondents across Southeast Asia planned to increase their spending for the 2024 Lunar New Year compared to the previous year, which demonstrates the region’s commitment to celebrating the festive occasion.
