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Chinese bankcard owners lose confidence in economy
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China's bankcard owners' sentiment fell to the lowest level in three years in December with slight improvement in household finance sentiment offset by growing pessimism about business conditions, a latest study shows.
The Bankcard Consumer Confidence Index was down 0.7 from that in November to 82.56 points, bankcard transactions provider China UnionPay said in a report today.
An increasing number of unfavorable external macroeconomic factors such as the slowing manufacturing activities have dampened consumers' sentiment.
Throughout 2014, the Bankcard Consumer Confidence Index has been staying within a low range, with small adjustment in the first half and continuous drops in the last three months.
The index climbed to the highest level since the beginning of last year in September, boosted by spending spree ahead of the National Day's holiday.
In December, expenditure at restaurants, jewelry stores and department stores all declined, with daily necessities making up the majority of card owners' spending.
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