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Chinese consumers’ bankcard transaction surges during Labor Day holiday
Online Edition
DOMESTIC consumers' cross-bank bankcard transaction through China UnionPay's network in both domestic and overseas markets during the Labor Day holiday surged 19 percent in value from the same period last year boosted by spending in travel and retail categories.
Total value of expenditure from May 1 to May 3 reached 263.5 billion yuan and the number of transaction reached 230 million during the Labor Day holiday, up 25 percent annually, said UnionPay, the country's sole bank card clearing agency.
The number of overseas transaction grew 73 percent with outbound travellers favoring UnionPay's clearing network due to its extensive reach in hot tourist destinations.
On May 1, the number of cross-bank transaction reached the highest level in history of 82 million and the expenditure made through department stores, supermarkets and home appliance stores jumped 33 percent from a year ago, making up over 60 percent of overall transaction size over the three days.
"The Labor Day is a traditional peak season for home appliance vendors with a series of sales campaigns ranging from various consumer goods segment," said UnionPay analyst Chen Han.
"Domestic and outbound travel has also become a major driving force for the climbing bankcard transaction volume," he added.
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