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Bank card spending rises 25% during holiday, UnionPay says
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THE total amount of bank card spending through China UnionPay's payment network during the seven-day National Day's holiday went up 25 percent year on year to reach 51.6 billion yuan (US$8.4 billion), as travel related expenditure picked up.
The number of inter-bank transactions also jumped 27 percent from a year ago to 420 million, the country's sole bankcard transaction firm said today.
The weeklong holiday is usually a peak season for sales campaigns as the amount of spending on shopping reached 80 billion yuan this year, China UnionPay said.
Railway tickets, airline tickets and other transportation-related expenditure rose 56 percent from a year ago, it said.
The expenditure size at famous scenic spots and hotels also added 39 percent and 10 percent respectively, according to UnionPay.
The size of cross-border bankcard transaction through UnionPay network was up 9 percent while the number of transactions rose 36 percent.
Total spending volume at restaurants and eateries were up 7 percent, while the average amount of expenditure was down 8 percent. "Consumers are spending less on high-end restaurants and most of their expenditure is more closely related to ordinary people's livelihood," said Chen Han, data analyst at China UnionPay said.
Transaction size through UnionPay's online payment service more than tripled that of a year ago with online shopping picking up.
The top regions in terms of spending during the weeklong period are Guangdong, Zhejiang and Jiangsu provinces.
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