New record in card spending

According to the data published by the Central Bank of the Republic of Turkey (TCMB), card spending rose to a record level of 181.6 billion TL in the week of August 4. While the annual decline in industrial production in the second quarter is striking, it is observed that the upward momentum continues in indicators related to domestic consumption. According to the Central Bank of the Republic of Turkey (TCMB) data, the amount of bank card and credit card transactions increased by 2.1 percent to 181.6 billion TL in the week of August 4. Thus, a new record was seen in card spending. According to the assessment of economist Bürümcekçi, it was observed that tax and BES payments had a limited upward effect on this increase with an increase of 0.7 billion TL. The highest increases were in services, food and education-stationery. When the consumption categories in card spending were examined, it was seen that the increases were widespread, while the most significant weekly increases were experienced in service sectors, various food and education-stationery spending. Among the few subgroups with decreasing spending, electrical-electronics and furniture stood out. Separately from these transactions, online shopping decreased by 2.1 billion TL weekly to 57.3 billion TL. In card spending, the annual change in the last 4-week average of total shopping, including the internet and excluding tax and BES payments, also accelerated with a 152 percent increase.