(Source Bank Of Thailand, table FI_CB_080_S2)
I know : reading about the “road to recovery” (title displayed on CNN TV for instance), “better than expected” figures, “hopes”, “beginning of the start of the end of the recession”… in the USA and even Thailand… you scratch your head.
Anyway. Christmas is not far away… And Santa Claus is going to surprise us. Meanwhile, let’s have a look on credit cards data for may.
The number of credit cards declined by 47 900 at a total of 13,08 millions. Year on year (compared to may 2008), that’s a growth of 6,88 %.
Look at the trend.
And now, with values.
But even with the magic of plastic (“fantastic”, right ?)… the real indicator is… the cash. The money. The dough. The bucks.
The total spending (usage) declined to 70,05 billions THB, that’s -4,73 % compared to may 2008.
What a nice trend line ? Right ? 😉
So to summarize : compared to may 2008, the number of credit cards increased by 6,88 %, but the spendings with those cards decreased by 4,73 %.
A nice “cisor”.
A cisor to cut the Green Shoots.
But don’t forget the official motto : everything will be fine. We are on the road of the recovery. The recession was just a bad dream. You are going to awake in the real world, that is with unlimited consumers spending growth, and each thai individual will have 10 credit cards.