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Taiwan's credit card market to grow for the eighth consecutive year

2017/09/24 18:12

CNA file photo

Taipei, Sept. 24 (CNA) Taiwan's credit card market is set to grow for the eighth consecutive year, according to the Financial Supervisory Commission (FSC).

According to FSC data, the local credit card market has increased every year since it hit a slump in 2009 when total purchases fell to NT$1.36 trillion (US$45.076 billion)

The total reached NT$2.06 trillion in 2014 and since then has increased by NT$200 billion each year.

The cumulative figure for the first seven months of 2017 has already reached NT$1.5 trillion, with the whole year expected to establish a new record of NT$2.6 trillion, the FSC said.

According to statistics from Taiwan's national credit card center, the top six credit card transactions by income group were almost identical -- food, transportation, department store/supermarket, education & entertainment, lodgings and clothing.

The center also pointed out that in terms of the number of total transactions, each income group is more likely to make purchases using a credit card at food outlets such as restaurants, supermarkets, bakeries and desert shops than at clothing and shoe stores.

In terms of the amount of money spent per transaction, each income group spends most on education & entertainment, followed by food, department stores/supermarkets, transportation, lodging and clothing.

The most money spent per average credit card purchase was on education & entertainment, which includes more expensive goods and services such as travel agencies, jewelery, tickets for major events, cram schools, movie theaters and recreational activities.

(By Tsai Yi-chu and William Yen)Enditem/AW