Consumer confidence up on festival spending
Updated: 2012-02-10 09:15
BEIJING - Chinese consumers' confidence rebounded in January as the holiday period boosted consumption, according to an index released Thursday.
The Bankcard Consumer Confidence Index (BCCI), compiled by Xinhua News Agency and China UnionPay, a national bank card association, stood at 86.78 in January, up 1.25 points year-on-year and 0.06 point from December.
The report attributed the rebound in consumer confidence to festival spending sprees, as both the three-day New Year holiday and the week long Spring Festival holiday fell in January.
The effects of the holidays have led to noticeable increases in consumer spending on non-essential items, such as festival-related items and tourism, the report said.
The income growth of urban residents also provided a solid foundation for the consumer confidence, according to the report.
Data from the National Bureau of Statistics showed the per-capita disposable income of urbanites was 21,810 yuan ($3,164.41), up 14.1 percent from a year earlier in nominal terms and 8.4 percent after being adjusted for inflation.
Xinhua News Agency and China UnionPay started compiling the BCCI index in April 2009 based on bank card transaction data and analysis of structural changes in urban consumption.