April 2 boycott: Slowest growth in card spending in 4 years recorded

Data has emerged showing the impact of the economic boycott carried out by a large segment of the population on April 2. Spending during the week that included the holiday was recorded at 24 percent. The annual increase reached its lowest level in the last 4 years. 

According to calculations based on the weekly data from the Central Bank of the Republic of Turkey (TCMB), card spending in the week of April 4 fell by 24 percent compared to the previous week, dropping to 320.9 billion TL. During this period, an 18 percent decline was recorded in grocery spending. According to the data, the sharpest decline in the week of April 4 was in education, stationery, and office supplies, with 65 percent. This group was followed by vehicle rentals with a 41 percent decline.

The data released on April 10 revealed that spending had also decreased on a weekly basis. According to official data, card spending during the boycott week decreased by 24.1 percent compared to the previous week, and online shopping, which was 135 billion lira the previous week, fell to 86 billion lira. Grocery and shopping mall spending, which fell by more than 18 percent in one week, dropped from 69.9 billion lira to 57.3 billion TL. A 13.27 percent decline was also calculated in various food expenditures, with spending falling from 27.9 billion TL to 24.2 billion lira on a weekly basis.

News Source: 12punto