Shoppers find plastic fantastic
By Zhang Fengming |
February 22, 2010, Monday
|
Print Edition
Print Edition
SHOPPERS spent lavishly with retailers and boosted bank-card consumption on the Chinese mainland by 47 percent during the Spring Festival holiday.
Bank-card transactions on the mainland topped 56.9 billion yuan (US$8.3 billion) in the seven-day holiday by Friday. The figures were provided by China UnionPay Co, the country's sole bank-card transaction-clearing operator.
More than 100 million transactions were made on bank cards, up 25 percent over a year ago, Shanghai-based UnionPay said over the weekend.
"Bank-card transactions ballooned alongside the shopping spree during the Lunar New Year holiday," UnionPay said.
Bank cards are becoming immensely popular in China as more people, especially the younger generation, turn to plastic as a safe and convenient payment vehicle.
Millions of shoppers thronged various malls nationwide during the break.
Sales were also boosted as Valentine's Day fell on the first day of the Lunar New Year in 2010.
Consumers dug deep into their pockets as an overall consumption of 340 billion yuan was recorded onthe mainland during the holiday, up 17.2 percent on a year ago, the Ministry of Commerce said.
Bank-card transactions jumped 51 percent to 214.6 billion yuan on the mainland from February 6 to February 12, a week ahead ofthe holiday.
Spending on jewelry rose the highest from a year ago, up 161 percent during the holiday, and notable growth was also seen in expenditure on vehicles, catering, supermarkets and entertainment, UnionPay said.
Chinese people traditionally buy glittering gold jewelry to wish loved ones a prosperous Lunar New Year.
Credit card-based transactions grew 43 percent to 15.7 billion yuan on the mainland during the break.
"Plastic is playing a more and more important role in spurring consumption and boosting economic growth," UnionPay said.
Overseas spending by Chinese also surged as more people decided to see the world.
Overseas bank-card transaction value rose almost 80 percent during the holiday, UnionPay said, without giving a specific figure.
At the end of 2009, 2.1 billion bank cards had been issued on the mainland, up 14.8 percent year on year.
Among them, 186 million were credit cards - an annual growth of 30.4 percent.
Bank-card transactions on the mainland topped 56.9 billion yuan (US$8.3 billion) in the seven-day holiday by Friday. The figures were provided by China UnionPay Co, the country's sole bank-card transaction-clearing operator.
More than 100 million transactions were made on bank cards, up 25 percent over a year ago, Shanghai-based UnionPay said over the weekend.
"Bank-card transactions ballooned alongside the shopping spree during the Lunar New Year holiday," UnionPay said.
Bank cards are becoming immensely popular in China as more people, especially the younger generation, turn to plastic as a safe and convenient payment vehicle.
Millions of shoppers thronged various malls nationwide during the break.
Sales were also boosted as Valentine's Day fell on the first day of the Lunar New Year in 2010.
Consumers dug deep into their pockets as an overall consumption of 340 billion yuan was recorded onthe mainland during the holiday, up 17.2 percent on a year ago, the Ministry of Commerce said.
Bank-card transactions jumped 51 percent to 214.6 billion yuan on the mainland from February 6 to February 12, a week ahead ofthe holiday.
Spending on jewelry rose the highest from a year ago, up 161 percent during the holiday, and notable growth was also seen in expenditure on vehicles, catering, supermarkets and entertainment, UnionPay said.
Chinese people traditionally buy glittering gold jewelry to wish loved ones a prosperous Lunar New Year.
Credit card-based transactions grew 43 percent to 15.7 billion yuan on the mainland during the break.
"Plastic is playing a more and more important role in spurring consumption and boosting economic growth," UnionPay said.
Overseas spending by Chinese also surged as more people decided to see the world.
Overseas bank-card transaction value rose almost 80 percent during the holiday, UnionPay said, without giving a specific figure.
At the end of 2009, 2.1 billion bank cards had been issued on the mainland, up 14.8 percent year on year.
Among them, 186 million were credit cards - an annual growth of 30.4 percent.
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