South Korea’s Q2 card approvals climb 7.6% as consumer spending recovers

In the second quarter, South Korea’s total credit‑card approval amount reached 336.9 trillion won, up 7.6% from the same period last year, while the number of approvals rose to 7.96 billion, a 6.0% increase. Both figures hit the highest levels in 13 quarters.

Personal‑card approvals amounted to 273.7 trillion won (+7.4%) with 7.55 billion transactions (+6.3%). Corporate‑card approvals grew 8.7% to 63.4 trillion won, though transaction volume rose only 1.4%. Credit‑card approvals increased 6.3% and check‑card approvals rose 8.3% year‑on‑year. The average transaction value rose 1.5% from a year earlier but fell 5.3% from the previous quarter.

Analysts attribute the rebound to improved consumer conditions driven by stronger corporate earnings, expanding semiconductor demand, and higher domestic income (GDI). Government measures to stabilise prices and alleviate household burdens also helped, despite higher oil and raw‑material costs putting upward pressure on prices.