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Confidence among bankcard holders drops in May
By Ding Yining |
June 11, 2012, Monday
|
Online Edition
Online Edition
CONFIDENCE among Chinese bankcard holders dipped in May as concerns about an economic slowdown curbed spending on leisure and non-daily necessities, an industry report showed.
The Bankcard Consumer Confidence Index was down 0.12 in May from April to 86.53, according to a report released today by China UnionPay, the country's sole bankcard transaction firm.
The figure was up 0.42 compared to the same period last year.
A halt in subsidies for home appliances and the sluggish real estate market resulted in weak consumer sentiment, the report said.
The report showed the proportion of spending at electronic appliance retailers dropped 1.3 percentage points from the previous month.
China UnionPay estimated that subsidies for energy-efficient consumer products, which were launched at the beginning of this month, and a series of monetary policy adjustments will boost consumer spending in the next few months.
The Bankcard Consumer Confidence Index was down 0.12 in May from April to 86.53, according to a report released today by China UnionPay, the country's sole bankcard transaction firm.
The figure was up 0.42 compared to the same period last year.
A halt in subsidies for home appliances and the sluggish real estate market resulted in weak consumer sentiment, the report said.
The report showed the proportion of spending at electronic appliance retailers dropped 1.3 percentage points from the previous month.
China UnionPay estimated that subsidies for energy-efficient consumer products, which were launched at the beginning of this month, and a series of monetary policy adjustments will boost consumer spending in the next few months.
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