09/11/2004 12:18
According to JCC Payment Systems data released on Tuesday, the slowdown of the growth rate in credit card transactions continued in October.
Although in January-October 2004 the annual growth rate of the value and number of transactions recorded an increase of 13% and continues to remain at the same level with the corresponding period of 2003 (14%), consumer demand in August-October 2004 has showed signs of weariness, economist, Sofronis Eteocleous, Head of the Popular Bank Economic Study Department said.
In August, September and October, the turnovers of the credit card transactions in the domestic market increased by 8%, 8% and 9% respectively. The annual growth of the turnovers stood at 12% in August 2003, 19% in September and 13% in October.
Mr. Eteocleous said that increase in turnover shows a high elasticity, which means that the real increase in the credit cards turnover is double than the total increase in consumer demand.
Consumers are cautious
The slowdown in the growth rate of credit card transactions is possibly attributable to the consumers’ cautiousness after the price hike in oil, Executive Secretary of the Super Markets Association, Andreas Hadjiadamou said.
Despite the slowdown in the increase in credit card transactions, their total value in January-October 2004 reached £469.7 million. In October, the turnover stood at £45.5 million.
Credit card transactions by Cypriots abroad reached £123.8 million in January-October 2004 and £13.4% in October.
Credit card transactions by tourists in Cyprus in January-October 2004 and October 2004 showed an increase of 9% and 5% respectively.
Although in January-October 2004 the annual growth rate of the value and number of transactions recorded an increase of 13% and continues to remain at the same level with the corresponding period of 2003 (14%), consumer demand in August-October 2004 has showed signs of weariness, economist, Sofronis Eteocleous, Head of the Popular Bank Economic Study Department said.
In August, September and October, the turnovers of the credit card transactions in the domestic market increased by 8%, 8% and 9% respectively. The annual growth of the turnovers stood at 12% in August 2003, 19% in September and 13% in October.
Mr. Eteocleous said that increase in turnover shows a high elasticity, which means that the real increase in the credit cards turnover is double than the total increase in consumer demand.
Consumers are cautious
The slowdown in the growth rate of credit card transactions is possibly attributable to the consumers’ cautiousness after the price hike in oil, Executive Secretary of the Super Markets Association, Andreas Hadjiadamou said.
Despite the slowdown in the increase in credit card transactions, their total value in January-October 2004 reached £469.7 million. In October, the turnover stood at £45.5 million.
Credit card transactions by Cypriots abroad reached £123.8 million in January-October 2004 and £13.4% in October.
Credit card transactions by tourists in Cyprus in January-October 2004 and October 2004 showed an increase of 9% and 5% respectively.
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