Consumers keep a strict watch on credit card spends
Indian banks expect growth in festive period spending through credit cards to be in high single-digits as consumer demand remains subdued, several card issuers and merchants said.
«Right now, it's not like the mood is bullish for a big festive season, it seems like wait and watch,» said Sanjeev Moghe, head-cards & payments, Axis Bank. «It's a different market when the economy is growing at 12-15% and it's not growing at that pace. In my own discussion with merchants, I am not sensing a bullish mood. But we are hoping that consumers could positively surprise us.»
For the festive period of October to December 2023, banks had recorded credit card spends of nearly ₹4.87 lakh crore. During the October to December 2022 period, banks saw total spends of ₹3.69 lakh crore. In one year, banks had seen growth in credit card spending of over 30%.
Sticky inflation and risks over unsecured loan growth could lead to circumspect spending.
«We hope that the growth over last year will be in high single-digits as customers are being picky about spending on discretionary items,» said another lender on the condition of anonymity.
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