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Consumer confidence edging up, UnionPay finds
By Zhang Fengming |
May 9, 2011, Monday
|
Online Edition
Online Edition
CHINA'S Bankcard Consumer Confidence Index gained 0.08 points in April to 86.8 on falling food prices, China UnionPay Co said today.
The index has kept rising for three straight months, but remained flat compared with a year ago, the Shanghai-based company said in a statement.
The higher the index, the more bankcards are used to pay for non-essential goods and services such as luxury products and travel.
"Bankcard holders are spending more on non-necessities as food price corrections freed them to shop for other things," said UnionPay.
The Ministry of Agriculture data showed agricultural wholesale index dropped to 180.3 at the end of April from 184.9 at the month's start.
Besides, the carry-on of tightening measures from the central bank also helped curb inflation worries, UnionPay said.
The one-year benchmark savings rate rose to 3.25 percent after a 0.25 percentage points rise in April. Big banks faced a 20.5 percent reserve requirement after a latest 0.5 percentage point rise last month.
China's plan to raise the individual income tax threshold to 3,000 yuan (US$462) from the current 2,000 yuan also fueled consumer confidence.
The index tracks the consumption of 200,000 card users in nine major Chinese cities, including Shanghai, Beijing, Dalian and Guangzhou. The users frequently use the cards to pay 90 percent of their expenses.
More consumers are using bank cards as a convenient payment method. Smaller lenders like China Guangfa Bank and China Merchants Bank are tapping credit cards as their new income channel to fight bigger rivals like the Industrial and Commercial Bank of China.
Chinese are big spenders overseas, prompting lenders like Guangfa and China Merchants Bank to team up with Ctrip, a leading online travel agency, and other hotels, shops and airlines to cash in on the business boom.
China Guangfa Bank said profits from its 10 million credit cards rose 80 percent in 2010. Other banks including Merchants Bank also reported a rise in earnings.
The index has kept rising for three straight months, but remained flat compared with a year ago, the Shanghai-based company said in a statement.
The higher the index, the more bankcards are used to pay for non-essential goods and services such as luxury products and travel.
"Bankcard holders are spending more on non-necessities as food price corrections freed them to shop for other things," said UnionPay.
The Ministry of Agriculture data showed agricultural wholesale index dropped to 180.3 at the end of April from 184.9 at the month's start.
Besides, the carry-on of tightening measures from the central bank also helped curb inflation worries, UnionPay said.
The one-year benchmark savings rate rose to 3.25 percent after a 0.25 percentage points rise in April. Big banks faced a 20.5 percent reserve requirement after a latest 0.5 percentage point rise last month.
China's plan to raise the individual income tax threshold to 3,000 yuan (US$462) from the current 2,000 yuan also fueled consumer confidence.
The index tracks the consumption of 200,000 card users in nine major Chinese cities, including Shanghai, Beijing, Dalian and Guangzhou. The users frequently use the cards to pay 90 percent of their expenses.
More consumers are using bank cards as a convenient payment method. Smaller lenders like China Guangfa Bank and China Merchants Bank are tapping credit cards as their new income channel to fight bigger rivals like the Industrial and Commercial Bank of China.
Chinese are big spenders overseas, prompting lenders like Guangfa and China Merchants Bank to team up with Ctrip, a leading online travel agency, and other hotels, shops and airlines to cash in on the business boom.
China Guangfa Bank said profits from its 10 million credit cards rose 80 percent in 2010. Other banks including Merchants Bank also reported a rise in earnings.
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