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Fragile recovery in consumption

08/10/2010 11:03
The recovery of consumption remains fragile despite indications for a gradual improvement in the households’ and businesses’ mood for buys. The figures on the purchases via credit cards in September reverse expectations raised in August.

According to new JCC Payments data, the value of credit card transactions by Cypriots in Cyprus in September 2010 recorded an annual increase of 2% to €144.1 million against an increase of 4% in August.

The number of transactions of the Cypriots stood at 2.1 million, recording an increase of 5%.

In the first nine months of the year, the value of transactions by Cypriots in the domestic market rose 3% to €1395.5 million.

Most credit cards were used in super markets (20.35%), followed by other retail trade goods (11.83%), clothing (11.57%), governmental services (8.65%), home appliances (7.92%), hotels (7.10%), fuel (6.52%) and entertainment (5.86%).

Overseas, credit card transactions by Cypriots in September surged 14% against an increase of 17% in August to €105.9 million. The number of transactions stood at 685.7 thousand, increasing by 11%. In the first nine months of the year, the value of transactions by Cypriots abroad surged 13% to €863.5 million.

The value of credit card transactions by non-Cypriots in Cyprus in September fell 1% against an increase of 9% in August and stood at €48.2 million. The number of transactions also dropped 1% to 398.7 thousand. In January – September 2010, the value of transactions by non-Cypriots in the domestic market rose 4% to €332.7 million.

As for the use of credit cards by the T/C, their value for the same month stood at €1.7 million, while in the first nine months of the year at €13 million. The use of credit cards by the T/ is mostly injected to the super markets (€2.8 million), other retail trade goods (€2.3 million), clothing (€2.2 million) and home appliances (€2 million).

Finally, the value of credit cards by Cypriots in Turkey and the occupied north in September stood at €1.1 million, while in the first nine months of the year it amounted to €8.1 million. Of the €8.1 million, €1.8m was injected to hotels, €1.6, for entertainment, €1.5m to the airlines and €1m to other retail trade goods.