South Korea’s debit and credit card spending surged in October, when the government-led “Korea Black Friday” sales took place, the Credit Finance Association said Wednesday.
Last month’s total card spending reached 55.68 trillion won, up 13.1 percent compared to the same period last year. Individually-owned credit and debit card spending rose by 8.5 percent last month
The CFA credited the spending hike mainly to increased consumer spending during two-week sales event held by the government from Oct. 1-14.
Card spending in the retail sector stood at 7.82 trillion won in October, up by 13.5 percent from the same period in 2014. Analysts cited discount promotions, gift giveaways and interest-free installment plans offered by card companies as the main reasons for the rise in last month’s consumer retail spending.
