Credit card spending up 10% in Q1 ‘05

Spending by credit card increased by 10% year-on-year in the first quarter of 2005, according to JCC Payment Systems Ltd., the credit card processing company owned by the banks.

During the first quarter of the year, Cypriots spent CYP 140.4 mln locally with spending in March alone up 8% to CYP 47 mln. The supermarkets took the biggest percentage of local spending, absorbing 23% of the share, with the retail clothing and footwear units in second place with 17.6% of the total. About 8% of total spending is made on fuel.

Cypriot spending abroad was up 18% during the first quarter to CYP 39 mln based on 420.000 transactions with average spending per person at CYP 93. Spending by foreigners in Cyprus was stable, with total spending up 1% to CYP 33 mln, with March outperforming with an increase of 6%.