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Confidence of bankcard holders dips for second month
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THE confidence of China’s bankcard holders dipped for the second month in December from a month ago amidst some other unfavorable economic indicators, a report said today.
The Bankcard Consumer Confidence Index was down 1.25 percent from a month ago to 85.43 points due to sluggish consumer sentiment, China UnionPay, the country's sole bankcard transaction firm, said in a report.
Slowing spending on non-daily necessities and a New Year's holiday that's shorter than usual brought down the index last month, UnionPay said.
The government's crackdown on public spending, especially luxury dining, also dragged down spending at hotels and restaurants, where transaction size fell 1.04 percent and 0.48 percent from a month ago, respectively.
Consumers' willingness to take short-distance trips was also low, as expenditures at air ticket agencies and gas stations were also down 0.07 percent and 0.13 percent from a month ago.
The slower expansion of manufacturing activities in December suggests that macroeconomic momentum would take a while to rebound and consumers' confidence will be under pressure in the short term.
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