Survey: China steps into "credit card era" (Agencies) Updated: 2004-08-09 15:04
According to a latest survey by ACNielsen, credit card (standard credit card
and quasi credit card) markets in Beijing, Shanghai and Guangzhou develop
quickly.
Credit card penetration rate has increased from 18 percent in 2003 to 22
percent this year. China is changing from "cash payment era" to "credit card
era".
ACNielsen conducted a telephone survey on more than 2,700 people between 18
and 54 in Beijing, Shanghai and Guangzhou in order to study the attitude of
China's different consumer groups on main personal financial products such as
personal bank, credit card, personal loan, life insurance and personal
investment and how they are used. This way the growth opportunity of personal
financial market could be explored and reflected.
An analysis by age group shows that consumer group between 25 and 34 have the
highest credit card possession rate, with persons who have one or more credit
cards reaching 35 percent. Of the three cities Beijing has the highest
penetration rate among the age group, about 39 percent people have at least one
credit card.
Among the many credit cards issued by Chinese and overseas banks, ICBC's
(Industrial and Commercial Bank of China) Peony Card is the most popular, which
enjoys a possession rate of 13 percent. CCB's (China Construction Bank) Long
Card and BOC's (Bank of China) Great Wall Card follow it with possession rates
of 9 percent and 6 percent respectively.
