09/10/2015 08:49
A healthy growth in the main retail sectors of the economy is evident in the purchases performed through credit cards suggesting that consumption in general is on a sound footing.
Detailed data released by JCC and analysed by StockWatch, shows that most of the largest categories as classified by JCC exhibit remarkable increases during the first nine months of the year in comparison to the same period of 2014.
The analysis includes the 18 largest such categories out of a total of 37, which in terms of value they represent about 91% of total transactions done by credit cards domestically and includes both residents and foreigners.
Topping the list is the category of insurances which shows an 18% growth from €30,6 mn to €36,1 mn.
Significant increases are witnessed in the whole spectrum of tourism-related categories like travel agents (12,6%), hotels (10,2%), other food and drink shops (16%) and restaurants (7,4%).
Given that until June tourist receipts were down by 6%, either tourists spent much more during the period of July -September, or Cypriots were especially prone to these kind of expenses.
The number of tourists increased considerably in July and August leaving room for optimism that the subdued tourism income will recover. The July figure will be announced on Monday.
The supermarkets category which is by far the largest representing almost 20% of all credit card expenses, increased to €404,8 mn from €391,2 mn, a 3,5% growth.
Likewise, the category of clothing and shoes which is more representative of the overall retail trend and constitutes the third largest, increased to €199,2 mn from €192,1 mn, a 3,7% growth.
As expected, the biggest decrease is evidenced in the petrol category (-9,3%) due to the significant decline in the prices of fuels.
Utilities, which may have indirectly been affected by lower fuel prices as well (especially electricity expenses) are down by 1,3%.
Government related expenses were also down by 3,5% probably due to different timing of such payments.
The total credit card payments performed in the market by residents and tourists, reached the first three quarters €2.167 mn compared to €2.134 last year, a 1,5% increase.
Excluding the three previous categories for the reasons mentioned, the overall figure is €1.621 mn from €1.563 mn in 2014, a 3,7% growth.
Detailed data released by JCC and analysed by StockWatch, shows that most of the largest categories as classified by JCC exhibit remarkable increases during the first nine months of the year in comparison to the same period of 2014.
The analysis includes the 18 largest such categories out of a total of 37, which in terms of value they represent about 91% of total transactions done by credit cards domestically and includes both residents and foreigners.
Topping the list is the category of insurances which shows an 18% growth from €30,6 mn to €36,1 mn.
Significant increases are witnessed in the whole spectrum of tourism-related categories like travel agents (12,6%), hotels (10,2%), other food and drink shops (16%) and restaurants (7,4%).Given that until June tourist receipts were down by 6%, either tourists spent much more during the period of July -September, or Cypriots were especially prone to these kind of expenses.
The number of tourists increased considerably in July and August leaving room for optimism that the subdued tourism income will recover. The July figure will be announced on Monday.
The supermarkets category which is by far the largest representing almost 20% of all credit card expenses, increased to €404,8 mn from €391,2 mn, a 3,5% growth.
Likewise, the category of clothing and shoes which is more representative of the overall retail trend and constitutes the third largest, increased to €199,2 mn from €192,1 mn, a 3,7% growth.
As expected, the biggest decrease is evidenced in the petrol category (-9,3%) due to the significant decline in the prices of fuels.
Utilities, which may have indirectly been affected by lower fuel prices as well (especially electricity expenses) are down by 1,3%.
Government related expenses were also down by 3,5% probably due to different timing of such payments.
The total credit card payments performed in the market by residents and tourists, reached the first three quarters €2.167 mn compared to €2.134 last year, a 1,5% increase.
Excluding the three previous categories for the reasons mentioned, the overall figure is €1.621 mn from €1.563 mn in 2014, a 3,7% growth.
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