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Bankcard holders' confidence drops amid weaker economy
By Ding Yining |
September 10, 2012, Monday
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Online Edition
Online Edition
CONFIDENCE among Chinese bankcard holders dropped in August from a month ago as people were less willing to spend due to weak macroeconomic conditions.
The Bankcard Consumer Confidence Index was down 0.50 from that of July but remained unchanged from a year ago at 86.21, according a report released today by China UnionPay, the country's sole bankcard transaction firm.
The average amount of billing at supermarkets added 3.53 percent from a month earlier as spending on daily necessities rose and prices of agricultural products climbed.
The sluggish stock market and rising property prices curbed card holders' short-term spending, UnionPay's report said.
Expenditure on home appliances such as air conditioners also entered a slack season last month and the amount of spending on automobiles shrank with weak demand, the report said.
The Bankcard Consumer Confidence Index was down 0.50 from that of July but remained unchanged from a year ago at 86.21, according a report released today by China UnionPay, the country's sole bankcard transaction firm.
The average amount of billing at supermarkets added 3.53 percent from a month earlier as spending on daily necessities rose and prices of agricultural products climbed.
The sluggish stock market and rising property prices curbed card holders' short-term spending, UnionPay's report said.
Expenditure on home appliances such as air conditioners also entered a slack season last month and the amount of spending on automobiles shrank with weak demand, the report said.
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