Bankcard owners’ morale gloomy
Print Edition
CHINA’S bankcard owners’ sentiment fell to the lowest level in three years in December on rising pessimism about the nation’s macro-economic situation which affected their willingness to spend, according to a latest study.
The Bankcard Consumer Confidence Index dipped 0.7 from that in November to 82.56 points, China UnionPay, the country’s sole bankcard transaction firm, said in a report yesterday.
In December, the growth pace of manufacturing activity among China’s private and export-oriented companies was the lowest in 18 month, with the official Purchasing Managers’ Index falling to 50.1 on weaker domestic demand.
Spending at restaurants, jewelry stores and department stores last month all declined, with daily necessities making up the majority of card owners’ expenditure.
The index climbed to its highest level in September as consumers went on a spending spree ahead of October’s National Day holiday.
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