Credit card spending is forecast to pick up in November and December, in line with the government’s private consumption stimulus.
Credit card providers expect a double-digit contraction rate in credit card spending this year because of weak consumer purchasing power amid the pandemic.
Krungthai Card (KTC) forecasts spending by users of the bank’s credit cards to shrink by 8-10% this year in relation to its existing 15% growth target. This would represent a total of 213 billion baht.
Although credit card spending improved in August after the government continued to relax its lockdown policy, from September to October it fell again, reflecting weak consumer purchasing power amid the economic downturn, said KTC executive vice-president Pittaya Vorapanyasakul.
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