Striking research on the boycott... Credit card spending analyzed

The boycott calls initiated by the CHP following the detention of Istanbul Metropolitan Municipality Mayor Ekrem İmamoğlu have also been reflected in economic data. 

The boycott calls, which targeted companies such as Doğuş Group, Espressolab, and Turkuaz Group, found wide resonance on social media both by the CHP and through youth movements.

The economic impact of these protests, which were harshly criticized by President Recep Tayyip Erdoğan and government officials, was revealed by research from the Economic Policy Research Foundation of Turkey (TEPAV).

SHARP DECLINE IN TRANSACTION VOLUME AND AMOUNT

According to the analysis note published by Mukaddes Merve Dündar and Gülbin Şahinbeyoğlu, there was a noticeable decrease in credit card usage in the week of April 4, 2025:

The average daily number of transactions was recorded at 43.2 million,

And the spending amount stood at 45.9 billion TL.

In the previous week, these figures were 50.6 million transactions and 60.4 billion TL in spending, respectively. This indicates a 14.7 percent decrease in the number of transactions and a 24.1 percent decrease in the spending amount.

DECLINE PERSISTS EVEN AFTER ADJUSTING FOR SEASONAL AND HOLIDAY EFFECTS

Calculations adjusted for holiday and seasonal effects also revealed that the boycott was effective. According to TEPAV's analysis:

The number of transactions in the week of April 4 remained approximately 10 percent below the 2024 general average of 47.2 million,

And also below the 47.7 million average for the first three months of 2025.

The fact that the boycott did not remain just a social media campaign was solidified by this decline in credit card data. Analysts state that a decline of this level could also show how consumer behavior will be shaped beyond short-term effects.