Krungsri Consumer Credit Card Spending Exceeds 190 Billion Baht
Krungsri Consumer's first-half credit card spending surged to 196.7 billion baht with 3% year-on-year growth, though consumers prioritize essentials like fuel and insurance amid economic uncertainty.
Krungsri Consumer revealed that first-half credit card spending reached 196.7 billion baht, growing 3% year-on-year, with 284,100 new customer accounts up 4%. New loan disbursements totaled 47.2 billion baht, up 4%, while outstanding loans stood at 134.2 billion baht, down 1%. The company's overdue debt ratio beyond 90 days remained at 1.1% for credit cards and 1.9% for personal loans, both below industry averages.
Top spending categories ranked by volume include insurance, supermarkets and convenience stores, fuel pumps, online platforms, and home furnishings. The fastest-growing segments are online platforms (+16%), mutual funds (+14%), beauty and cosmetics (+12%), sports and recreation (+10%), and fuel (+7%). The data shows consumers continue cautious spending, prioritizing essentials like fuel, daily goods, and insurance, though lifestyle categories like beauty and wellness are gaining traction as consumers increasingly shift to online purchases and health-conscious choices.
Fashion and cosmetics spending has slowed, reflecting consumers' prioritization amid economic uncertainty. Installment payment options are growing in popularity, especially for travel, health and beauty, and veterinary services. For the second half, the company expects continued economic challenges from high living costs and weak consumer confidence, but aims to achieve 627,000 new customer accounts (+9%), credit card spending of 420 billion baht (+6%), and new loans of 98 billion baht (+4%) for the full year by developing payment innovations, expanding partnerships, and targeting high-net-worth customers.