Bankcard spending drops

Chinese consumer spending using bankcards dropped slightly in August, illustrating stable consumer confidence, according to the Bankcard Consumer Confidence Index (BCCI) released Monday.

The BCCI, compiled by the Xinhua News Agency and China UnionPay, a national bank card association, dropped 0.03 points to 86.73 in August from July.

The index was up 0.52 points on a year-on-year basis, according to the BCCI report.

The value of transactions recorded at supermarkets made up a higher share of consumption in August, about 0.2 percentage points up from July.

Consumers reduced spending on travel-related activities including flights, tours and tourist sites as summer holidays ended in August, said the report.

With the rising price of gold and jewelry, the value of transactions recorded at jewelry stores dropped 0.02 percentage points in August from July.

The BCCI index, first released in April 2009, is based on bank card transaction data and analysis of structural changes in urban consumption.