Bankcard holders’ confidence declines
Print Edition
China’s bankcard owners were less confident for the second month in December amid an unfavorable macroeconomic situation, a report says.
The Bankcard Consumer Confidence Index fell 1.25 percent from November to 85.43 points due to a sluggish consumer sentiment, China UnionPay, the country’s sole bankcard transaction firm, said yesterday.
The index’s decline occurred as consumers slowed their spending on non-daily necessities and also on a shorter New Year’s holiday, UnionPay said.
The government’s crackdown on public spending, especially of luxury dining, eroded spending at hotels and restaurants compared to a month ago. Expenditure at hotels shed 1.04 percent while that at restaurants dipped 0.48 percent.
Consumers were also unwilling to take short trips as spending on air tickets and gasoline fell 0.07 percent and 0.13 percent from a month ago.
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