Citizens in a tight spot turn to credit cards! Food products at the peak

The Interbank Card Center (BKM) data shows that in the first 3 months of this year, credit card spending at supermarkets and shopping malls reached 432 billion 529 million 770 thousand TL, an increase of 116.20 percent compared to the same period last year. 

BASIC FOOD SHOPPING WITH CREDIT CARDS

It has been observed that card spending has increased due to rising costs in food and fuel. In the first three months of 2024, food, supermarkets, shopping malls (AVM), and fuel groups accounted for one-third of the credit card spending by citizens. 

During the same period, the amount spent on fuel using credit cards increased by 142.05 percent, reaching 166 billion 354 million 530 thousand TL. Due to food inflation and high price increases in restaurants, payments made with credit cards in these categories also showed an increase.

In the first three months of 2024, compared to the same period in 2023, spending on dining out with credit cards rose by 143.89 percent to 116 billion 735 million 380 thousand TL, while 179 billion 366 million 290 thousand TL was paid with credit cards for various food expenses, an increase of 131.36 percent in the same period.

According to BKM data, in the first 3 months of the year, supermarkets and shopping malls, fuel, dining, and various food expenses accounted for 33.78 percent of total credit card spending. In the period in question, 894.9 billion lira of the 2.6 trillion lira spent with credit cards came from these four groups. 

In the January-February-March 2023 period, the total amount spent with credit cards was 1.1 trillion lira. The annual increase rate in card spending for these periods was 137.47 percent.

HIGHEST SPENDING ON FOOD

Among the main expenditure groups affecting consumer prices, the food and non-alcoholic beverages group had the highest weight in April at 24.98 percent. According to data from the Turkish Statistical Institute (TÜİK), annual consumer inflation reached its highest level this year in April at 69.80 percent.

The expenditures with the highest weight among the 12 main expenditure groups that make up consumer inflation were: food and non-alcoholic beverages at 24.98 percent, transportation at 17.35 percent, housing at 14.20 percent, restaurants and hotels at 8.17 percent, household goods at 8.12 percent, and clothing and footwear at 6.94 percent.