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China bankcard owners least confident in 2 years, survey shows
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CHINESE bankcard owners' confidence dropped to the lowest level in nearly two years amid sluggish macroeconomic situation with spending on daily necessities growing in the past month.
The Bankcard Consumer Confidence Index was down 2.97 from a month ago to 83.76 points, the lowest level since the beginning of 2013, after purchasing managers' index declined last month amid slowing manufacturing activities and demand, China UnionPay, the country's sole bankcard transaction firm, said in a report today.
Property transaction also remained sluggish as the average price of new homes fell for the fourth straight month in August, sending consumer sentiment down.
Auto sales slowed down with expenditure at auto dealers falling 15.5 percent from a year ago.
Home appliance sales and expenditure at travel agencies also dwindled with hot weather coming to an end.
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