Credit card retail spending down; transactions up
2011 saw a decline in retail spending on credit cards, although the actual number of transactions grew. Credittoday.co.uk tells us more about this research from Santander.
On the whole, credit card retail spending fell by 5% per user over a 12-month period , but that decline wasn’t evenly spread. People seemed to cut back most heavily on their spending on toys and sports, which dropped by 24% per card holder.
The total value of clothes bought with a credit card fell by 6%, while spending on holidays also fell: spending on hotels dropped by 4%, on airlines by 9% and on travel agencies by a full 13%.
In some areas, though, people were spending more on their credit cards. Spending on mail orders increased by 8%, while spending in restaurants rose by 4%.
Managing Director at Santander Cards, Callum Gibson, pointed out that you’d expect people to spend less on their credit cards during times like these – but that people were actually using their cards more.
Even though the price of the average purchase dropped over the year, the actual number of transactions rose by 1%.
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