Confidence of bankcard holders stable
Print Edition
The confidence of China’s bankcard holders continued to be stable in September as data revealed an improved macroeconomic situation and steady consumer sentiment, a report showed.
The Bankcard Consumer Confidence Index dipped 0.04 percent last month from August but was up 0.89 from a year ago to 86.69 points, China UnionPay, the country’s sole bankcard transaction firm, said in a report yesterday.
Demand for food and beverage rose during the Mid-Autumn Festival and bankcard transactions at supermarkets rose 1.1 percent from a month ago.
But spending at hotels and travel agencies was cut after the summer holiday ended. Expenditure at hotels shed 1.02 percent and that at travel agencies dipped 0.05 percent from August’s spending.
Restaurant spending also shed 0.8 percent from a month earlier affected by the government’s ongoing crackdown on public dining and consumption.
China’s Purchasing Managers’ Index climbed for the fourth month in September, suggesting a stable economic situation which will also help card holders stay confident, according to UnionPay.
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