A new record in card spending

Last week, card spending increased by 109.4 percent year-on-year to reach TL 66 billion, refreshing a record. Inflation and e-commerce growth were effective in the rise, while the citizen’s credit card debt reached TL 259 billion. The increase in inflation and e-commerce also brings records in card spending.

According to the Central Bank (CBRT) data, the amount of debit and credit card spending set a record with TL 66 billion in the week of May 21-27. The one-year increase in card spending reached 109.4 percent.

The total amount of card spending had set a record with TL 64.1 billion in the previous week. The amount of card spending in the same week last year was 31.5 billion TL.

Consumer inflation, which reached 73.50 percent according to TURKSTAT and 160.67 percent according to ENAG, is the main reason for the increase in card spending, while the spread of e-commerce and card payments is pushing the figure up.

GROCERY SPENDING INCREASED BY 95.1 PERCENT

Online purchases have increased by 106.7 percent to TL 19.9 billion in the last year.

Card spending in grocery stores and shopping centers also increased by 95.1 percent year-on-year to TL 12.4 billion.

301 PERCENT INCREASE IN FOOD AND 226 PERCENT INCREASE IN FUEL

Card meal expenses increased by 301 percent to 3.3 billion TL annually, while card expenses in casinos and drinking places increased by 1521 percent to 85.9 million TL annually. Last year, drinking places were largely closed due to pandemic bans.