Card usage increased 13% in 1Q on expectations of easing of social distancing

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Credit card usage in the first quarter of this year increased compared to the same period last year. With the implementation of social distancing measures, etc., expectations for daily recovery have increased, and the overall consumption growth seems to have continued as the economy has improved.

According to the Credit Finance Association on the 28th, the total credit card approval amount and number of approvals in the first quarter of this year stood at 249 trillion won and 5.7 billion, respectively, up 11.2% and 9.5% from the same period last year.

This seems to be the effect of a recovery in consumption, mainly offline, such as department stores and shopping malls, as measures to ease social distancing, such as the phased release of quarantine passes, were implemented in January. The Credit Association judged that the impact of the rapid increase in the number of new coronavirus infections (COVID-19) due to the spread of Omicron was limited.

In the first quarter, the amount and number of personal card approvals were 204.9 trillion won and 5.36 billion won, up 10.8% and 9.6% from the same period last year, respectively. The amount of corporate card approvals and the number of approvals were 44.2 trillion won and 330 million, up 13.4% and 6.6% from the same period last year, respectively.

By industry, all eight industries that are highly related to consumers’ consumption life showed an increase compared to the same period last year. Wholesale and retail business increased 15%, business facility management and business support service business increased 12.1%, and education service business where restrictions on academy operation were relaxed also increased by 12.5%.

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