articles | 11 December 2019

Cyprus credit card spending drops by 2% in November

Despite a 2% annual decrease in the use of plastic money in November, for the first 11 months, a 12% rise reflects stable consumer confidence.

According to the latest JCC data, the value of Cyprus credit card spending in the domestic market decreased by 2% in November to €284.2 million compared to the same month last year.

November’s decrease was brought about mainly by a drop in card payments to travel agencies and household appliance stores.

In the first 11 months of the year (January to November) €3.47 billion was spent using credit cards, an increase of 12% annually.

As 2019 draws to a close the annual increase of card use may not follow last year’s trend when an overall 33% hike was recorded in 2018.

The final outlook is expected to be determined by spending during the busy Christmas holiday season.

The sectors that witnessed the largest volumes were professional services, utility payments, restaurants, bars, and electronics.

Meanwhile, there was a decline in plastic money spent on payments to travel agents and at Do-It-Yourself & Household stores and travel agencies.

Sales and cash withdrawals of Cypriots with credit cards abroad, including online purchases, was up 11% to €168.7 million in November.

Foreign card transactions (sales) increased 17% in November to €86 million – for the year to date, it was also up 16% to €1.19 billion.

Cyprus cards used in Turkey and the occupied north of the island reached €2.25 million in November and a combined €24.4 million for the first 11 months.

The use of local cards in Turkey amounted to €379,350 in November and €5.38 million in the first 11 months.

Transactions with Turkish cards in the Cyprus Republic stood at €1.96 million for November and at €16.52 million for the year to date.

Source: Financial Mirror

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