Consumer confidence sags in May

Condifence among China's bankcard owners dipped in May for the first time in three months as spending on non-daily necessities slowed.

The Bankcard Consumer Confidence Index lowered 0.71 from a month ago to 84.71 points. Travel spending fell during the Labor Day holiday as more consumers drove their own vehicles instead of booking through travel agencies, China UnionPay, the country's sole bankcard transaction firm, said in a report Tuesday.

State-owned companies curbed business travel related expenses, and the value of spending at hotels dropped 2.36 percent from a month ago.

Spending at travel agencies dropped 8.15 percent from a month ago with the purchase of railway tickets also shrank 8.15 percent.

Lower-than-expected PMI figures in May and the overall sluggish property market have dampened consumer sentiment over the past month, said UnionPay.