Credit card spending is projected to have grown by 6% in 2017, with outstanding credit of around 231 billion baht, with a similar increase expected in 2018, according to Kasikorn Research Centre.
Spending in the final quarter was expected to be up on the previous quarters this year, helping propel overall spending in 2017, the centre reported on Wednesday. However, growth will still be slightly below the 6.5% of 2016.
Spending in 2018 is predicted to show a positive trend, particularly in lifestyle products which are expected to recover in line with the overall economic sentiment.
K-Research projected that spending on credit cards issued by bank and non-banking institutions would grow by at least 6% next year. Spending via commercial banks’ credit cards would grow by 5.5%.
The centre anticipated tough competition in 2018, with card issuers targeting deep-pockets customers.
Overall, credit card accounts were expected to reach 21.8 million in number in 2018, for growth of at least 6%.