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Rising food prices dent consumer confidence: UnionPay
By Zhang Fengming |
June 9, 2011, Thursday
|
Online Edition
Online Edition
CONSUMER confidence among Chinese bankcard holders weakened in May on rising food prices caused by drought that ravaged central and eastern China, an industry index showed today.
The bankcard consumer confidence index dipped to 86.11 in May, down 0.28 percentage points from a year ago and 0.69 percentage points from April, said China UnionPay Co today.
The index had risen for three straight months before the drop in May.
The index tracks expenses of the card users, including 200,000 individuals in affluent cities. They frequently use the cards to pay for 90 percent of their expenses.
The higher the index the more bankcards are used to pay for non-essential goods or services, such as luxury products and travel.
"Bankcard holders are cutting non-essential purchases as rising food prices pushed them to do less shopping apart from purchases for basic needs," the Shanghai-based company said in a statement.
Prices of pork and vegetables rose as a result the lingering drought that hit the consumer confidence, UnionPay said.
Data from the Ministry of Agriculture showed the agricultural products wholesale index rose to 186.3 at the end of May from 180.1 at the beginning of the month.
The bankcard consumer confidence index dipped to 86.11 in May, down 0.28 percentage points from a year ago and 0.69 percentage points from April, said China UnionPay Co today.
The index had risen for three straight months before the drop in May.
The index tracks expenses of the card users, including 200,000 individuals in affluent cities. They frequently use the cards to pay for 90 percent of their expenses.
The higher the index the more bankcards are used to pay for non-essential goods or services, such as luxury products and travel.
"Bankcard holders are cutting non-essential purchases as rising food prices pushed them to do less shopping apart from purchases for basic needs," the Shanghai-based company said in a statement.
Prices of pork and vegetables rose as a result the lingering drought that hit the consumer confidence, UnionPay said.
Data from the Ministry of Agriculture showed the agricultural products wholesale index rose to 186.3 at the end of May from 180.1 at the beginning of the month.
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