Card use abroad during the May golden holiday (1st to 6th) increased by nearly 20%. In contrast, domestic card spending saw only a slight increase.
On the 19th, Shinhan Card's Big Data Research Center analyzed the spending amounts of domestic credit and debit cardholders at restaurants, cafes, convenience stores, department stores, large supermarkets, major attractions, and amusement parks from the 1st to the 6th, revealing a 3.1% increase compared to the same period last year.
During the same period, the number of transactions decreased by 2.1%, and the number of cardholders decreased by 2.3%. Shinhan Card noted, "Although spending amounts slightly increased, the decrease in transaction numbers and cardholders indicates the impact of high inflation."
By sector, spending amounts at restaurants (8.1%) and cafes (7.4%) increased compared to the same period last year. ▲Convenience stores (-1.8%) ▲Department stores (-0.3%) ▲Supermarkets (-2.6%) ▲Gas stations (-1.5%) all decreased. Only the amusement park sector saw increases in spending amounts (31.9%), transaction numbers (24.1%), and cardholders (24.7%).
This trend was similarly observed when the analysis period was expanded to include from the 1st of this month to the weekend of the 11th. As of the 11th, spending amounts in major domestic offline consumption-related sectors only increased by 1.7%, while transaction numbers and cardholders each decreased by 3.4%.
In contrast to the slight increase or decrease in domestic consumption due to economic sluggishness, card use abroad during the golden holiday period surged. From May 1st to 6th, overseas offline sales using Shinhan Card's personal credit and debit cards increased by 17.5% compared to the same period last year. During the same period, transaction numbers rose by 20.1%, and the number of cardholders increased by 13.7%.
A representative from Shinhan Card stated, "Despite high prices and unfavorable exchange rates, the demand for overseas travel during this holiday was prominent, suggesting that people opted for expenditure expecting greater satisfaction and valuable experiences abroad than at home."