Credit card spending rose last year due to long holidays

South Korea's credit card spending surged dramatically in 2017 from a year earlier due to the extended Chuseok holiday and the "golden holiday" in May, industry data showed Monday.

Credit card spending soared 10.8 percent to 605 trillion won ($568 billion) last year from the previous year, the Credit Finance Association said.

The rising consumption is attributed to the April 29-May 9 golden holiday and the 10-day-long Chuseok holiday that began Sept. 30.

Total card spending, including credit, debit and corporate cards, also rose 6.3 percent to 760 trillion won last year from a year ago.

Debit card spending increased 21.4 percent last year from the previous year.

Corporate card spending, however, fell 8.3 percent to 155 trillion won last year from the previous year as card companies reduced marketing activities for the use of corporate cards for tax payment.

The total card spending was tallied at 192 trillion won for the fourth quarter last year, up 3.3 percent from a year earlier.

Credit card spending rose 8.7 percent to 156 trillion won, while corporate card spending contracted 15.3 percent to 35 trillion won.

"Credit card spending rose due to improved consumer sentiment, the Korea Sale Festa and cold weather," CREFIA said. "Corporate card spending decreased due to the long holidays." (Yonhap)