The total value of card spending in November amounted to €9.2 billion, which represented an increase of almost 10 per cent in comparison with a year earlier, new data from the Central Bank shows.
The figure was up by 5.5 per cent compared with October’s value of €8.68 billion, but was up “significantly”, the Central Bank said, from €801.2 million in November 2023.
In volume terms, card spending decreased by 0.15 per cent in comparison to October, but was up by 8.5 per cent compared with a year earlier.
The increase in card spending was predominately driven by domestic card spending, with value increasing by almost 6 per cent, or €430 million, from €7.2 billion in October to €7.6 billion in November.
Similarly, the volume of domestic card spending increased by 0.37 per cent to €195.3 million in November.
This increase in domestic card spending could be attributable to the Black Friday effect and early Christmas shopping, the Central Bank suggested.
The growth in domestic card spending was “primarily linked” to an increase in point of sale and online payments.
In value terms, point of sale payments increased by 4.6 per cent, from €3.8 billion in October to almost €4 billion in November.
Similarly, online payments increased by 7.5 per cent, from €3.4 billion in October to €3.6 billion in November.
The volume of point of sale payments did not follow suit however, with the number of transactions declining by 0.7 per cent in November when compared to October, resulting in the average transaction price increasing by 5.3 per cent, or €1.34, to €25.26.
The volume of online payments “surprisingly” increased by 3.85 per cent in November in comparison to October giving an average transaction price of €78.79, the regulator said, increasing by 3.5 per cent or €2.68.
Cash withdrawals declined in value during the month, dropping by 8.9 per cent, from €1.1 billion in October to €1 billion in November.
Similarly, volume declined by 7.85 per cent, from €7.8 million in October to €7.2 million in November.
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