51% dip in credit card spending in April: Survey
A survey conducted by digital platform CRED has revealed that credit card spending tumbled falling by 10 in March & subsequently 51% in April amid the coronavirus lockdown. This was attributed to offline retail and online marketplaces suspending operations during the lockdown.
The survey noted that there was a significant drop in online food ordering and dining out, with more individuals purchasing groceries and preparing meals at home. Expenditure on travel and cab services also declined during this period. Thus, cab spends declined by 88% in Delhi, 90% in Mumbai and 89% in Bengaluru. A noticeable decline in e-commerce and physical shopping across all cities was also recorded during this time. In April, e-commerce spending dipped 89% in Delhi, 92% in Mumbai and 87% in Bengaluru.
It, however, said that categories like streaming platforms, e-newspaper subscriptions and online classes registered a growth in this period. Interestingly, while the expenditure on health rose in March, it dipped in April. Thus, medical spends rose by 100% in Mumbai in March and by 14% in Bengaluru, while it remained flat in Delhi; whereas in April, it fell by 58% in Delhi, 35% in Mumbai and 33% in Bengaluru.