Consumer credit demand in Brazil increased 5.3% from the previous month and jumped 16.7% from a year earlier, according to figures released by credit research firm Serasa Experian.

In the 11-month aggregate period, consumer loan demand rose 3.9% compared to the same period of 2015.

Serasa's economists attributed the hike in consumer demand overall to Black Friday sales, which has gained relevance in the country's retail market, in addition to some initiatives to reverse bad credit records, the firm noted in the news release.