With Expectations for Daily Recovery... 1Q Card Approval Amount Up 11%, Recovery Trend Continues

Wholesale and Retail Trade 15%, Educational Services 12.5%

[Image source=Yonhap News]

[Asia Economy Reporter Yu Je-hoon] Due to the easing of COVID-19 social distancing measures, card usage performance in the first quarter showed an upward trend compared to the same period last year.

According to the Credit Finance Association on the 28th, the total card approval amount in the first quarter was 249 trillion won, and the number of approvals was 5.7 billion, representing increases of 11.2% and 9.5%, respectively, compared to the same period last year.

For personal cards, the approval amount and number of transactions were 204.9 trillion won and 5.36 billion, respectively, marking increases of 10.8% and 9.6% compared to the previous year. For corporate cards, the figures were 44.2 trillion won and 330 million transactions, increasing by 13.4% and 6.6%, respectively.

By industry, all eight consumer-related sectors closely linked to consumer lifestyles showed growth, with wholesale and retail trade (15.0%), business facility management and business support services (12.1%), and education services (12.5%) standing out.

The Credit Finance Association explained, "During the first quarter, with the implementation of social distancing easing measures, expectations for a return to normal life heightened, and as the perceived economy improved, overall consumption growth was maintained. Although confirmed cases surged due to the spread of the Omicron variant, the overall impact on consumer sentiment was limited."

This content was produced with the assistance of AI translation services.