First Quarter Card Approvals Reach 301 Trillion Won, Up 3.3% Year-on-Year

"Consumer Sentiment Recovery Remains Slow
Corporate-Driven Growth in Performance"

In the first quarter, card spending increased, mainly driven by corporate cards, showing growth compared to the previous year.

According to the Credit Finance Association on April 30, the total approved card transaction amount in the first quarter was 300.6 trillion won, up 3.3% from the same period last year. The number of approved transactions reached 6.85 billion, marking a 1.2% increase.

By card type, the approved amount and number of transactions for personal cards were 247.5 trillion won and 6.48 billion, respectively, representing year-on-year increases of 2.2% and 1.5%. The approved amount for corporate cards surged by 8.8% to 53.2 trillion won. However, the number of corporate card transactions decreased by 2.2% to 370 million.

An association official explained, "The recovery of consumer sentiment is being delayed due to increased internal and external uncertainties, including the deterioration of global trade conditions." However, the official added, "The approved card transaction performance in the first quarter showed a moderate upward trend, supported by improved corporate business results."

Looking at the approved amounts in eight major consumer-related sectors, the largest increases were seen in health and social welfare services (5.5%) and education services (4.6%). In contrast, wholesale and retail trade (-5.3%) and arts, sports, and leisure-related services (-4.6%) saw declines.