Bankcard holders less confident in May
By Ding Yining |
June 12, 2012, Tuesday
|
Print Edition
Print Edition
CHINESE bankcard holders, concerned about an economic slowdown, were less confident in May as they curbed spending on leisure and non-daily necessities, an industry report showed.
The Bankcard Consumer Confidence Index dipped 0.12 in May to 86.53 from that in April, according to a report released yesterday by China UnionPay, the country's sole bankcard transaction firm.
The index was up 0.42 annually last month.
The expiry of the old-for-new subsidy program for home appliances last year and the sluggish real estate market were blamed for the weak consumer sentiment.
The report also showed the proportion of spending at electronic appliance retailers dropped 1.3 percentage points from the previous month.
The State Council said in mid-May that 36.3 billion yuan (US$5.8 billion) would be used to subsidize buying of energy-saving home appliances, vehicles and other electrical products to boost domestic consumption.
The Bankcard Consumer Confidence Index dipped 0.12 in May to 86.53 from that in April, according to a report released yesterday by China UnionPay, the country's sole bankcard transaction firm.
The index was up 0.42 annually last month.
The expiry of the old-for-new subsidy program for home appliances last year and the sluggish real estate market were blamed for the weak consumer sentiment.
The report also showed the proportion of spending at electronic appliance retailers dropped 1.3 percentage points from the previous month.
The State Council said in mid-May that 36.3 billion yuan (US$5.8 billion) would be used to subsidize buying of energy-saving home appliances, vehicles and other electrical products to boost domestic consumption.
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