02/03/2024 – 11:39
The demand for financing in Brazil ended 2023 with a drop of 13%, after rising 7% in 2022. The data comes from the Neurotech Credit Demand Index (INDC), an indicator that measures the number of financing requests in the credit segments on a monthly basis. retail, banking and services.
The result reinforces the delicate period the sector went through last year, according to Neurotech, highlighting that the INDC only grew in September, when it marked an increase of 6% compared to the same month in 2022.
The drop in the search for credit was mainly due to retail, which saw a 22% drop in 2023. The category that encompasses banks and other financial institutions dropped 7%. On the other hand, there was growth in demand for financing in the services segment, with an expansion of 8% last year.
The INDC also recorded a contraction compared to December 2022, of 17%, and also compared to November 2023, with a decline of 1%.
The high level of the Selic rate was mainly responsible for the drop in demand for credit throughout 2023. Although the basic interest rate began to fall in August last year, the effect has a certain delay, of around six months, in the economy. The day before yesterday, the Selic fell for the fifth time in a row, going from 11.75% to 11.25%.
According to Natália Heimann, head of Analytics products at Neurotech and responsible for the INDC, the current level of interest rates has dampened expectations of an increase in consumption, which normally happens at the end of the year due to celebrations.
Neurotech's expectation is that the January INDC reading will portray a recovery in credit expected for the beginning of the year, “as Brazil's economic recovery, which is still happening slowly, gives consumers greater peace of mind, after a period of uncertainty that was 2023.”
December
The 17% drop in the INDC in December 2023 compared to the same month in 2022 was driven by banks and financial institutions, which showed a 23% drop. Demand for retail credit fell 18% in the period. For the third consecutive month, the services sector was the only one with a positive result in the month, growing 25% in the annual comparison.
The 1% drop in the INDC in the last month of last year compared to November 2023 was influenced by the 13% drop in the search for credit in banks and financial institutions, while there was a 10% increase in services and 9% in retail.
The demand for retail financing was due to the 74% growth in the clothing category, “which indicates the preference for clothes as Christmas gifts”, according to Neurotech. The others presented negative rates in December compared to November: Electronics/Furniture (-19%), Supermarkets (-16%), Department Stores (-1%); and Others (-7%).
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