Consumers keep bankcards in pocket
By Ding Yining |
July 10, 2013, Wednesday
|
Print Edition
Print Edition
CONFIDENCE among China's bankcard owners fell for a third month in June as it was affected by a poor stock market performance and weakening sentiment due to an uncertain economic outlook, a latest industry report shows.
The Bankcard Consumer Confidence Index dipped 0.87 from May and fell 1.11 from a year ago to 85.56 points, China UnionPay, the country's sole bankcard transaction firm, said in a report yesterday.
Consumption by bankcard holders at department stores and home appliance retailers dropped, the report said.
Their expenditure at home appliance retailers dipped 0.5 percent from May due to fewer property transactions. Spending at general department stores also fell 0.19 percent from a month earlier.
The report said sluggish financial market performance last month also squeezed consumers' spending on non-daily necessities while manufacturing output has weakened in the past few months.
The Bankcard Consumer Confidence Index dipped 0.87 from May and fell 1.11 from a year ago to 85.56 points, China UnionPay, the country's sole bankcard transaction firm, said in a report yesterday.
Consumption by bankcard holders at department stores and home appliance retailers dropped, the report said.
Their expenditure at home appliance retailers dipped 0.5 percent from May due to fewer property transactions. Spending at general department stores also fell 0.19 percent from a month earlier.
The report said sluggish financial market performance last month also squeezed consumers' spending on non-daily necessities while manufacturing output has weakened in the past few months.
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