Bankcard holders’ morale suffers downturn
Print Edition
THE confidence of China’s bankcard holders dipped in May for the first time in three months as slower public spending curbed expenditure on non-daily necessities.
The Bankcard Consumer Confidence Index shed 0.71 from a month ago to 84.71 points last month because more people drove their own vehicles during the Labor Day holiday instead of booking through travel agencies, China UnionPay, the country’s sole bankcard transaction company, said in a report yesterday.
Consumer spending at travel agencies dropped 8.15 percent from a month ago, and expenses on railway tickets also shrank 8.15 percent.
State-owned companies have curbed business travel-related expenses, and expenditure at hotels dropped 2.36 percent from a month earlier.
UnionPay also added that spending on high-end leather goods slowed, although expenditure at department stores picked up.
Weak purchasing managers’ index figures in May and the sluggish property market have hit consumer morale over the past month, UnionPay said.
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