Lara Sen Blog | Credit Card Trends for Retail Buyers | Talkmarkets

Lara Sen

Writer

Lara has been a Project Strategist since 2009 and also involved in the launching of startups and tech companies in New York for over 5 years. She has keen interest in writing her own experiences about business plans and upcoming business supporting technologies. She loves public speaking.

Credit Card Trends for Retail Buyers

Date: Monday, June 12, 2017 12:51 AM EST

Retail spending via credit cards has seen great rise in the past few years. Yes, it is the credit card which is providing more and more purchasing power to the buyers and thus, this sudden splurge in the credit card users is pretty obvious.
 

In the past few years, consumer spending by means of credit cards rose over billions meaning that every individual using their card spends a massive amount of money. And, as per a new study, this trend is bound to continue and rise in the coming years.
 

Debit Card Expenditure

Despite the constant resurgence in credit card spending, debit cards continue to be a big winner of this field. Expenses on debit card have seen a growth of 45% in the past decade in comparison to credit card usage which is 11%.
 

However, outside the plastic money realm the traditional mode of payment continue to be relevant, but have witnessed a decline. There has been a 1% decline in cash usage and 5% decline in the use of cheques, especially amongst small purchasers.
 

Know about the credit in credit cards

With a credit exceeding limit set by your credit card companies, you can shop for anything and everything you desire within that limit. As per the expectations, a lot of credit card is being used for homes, holidays, retail purchases online, furnishings, walls and more. More and more people are buying interior décor stuff and house security items. Customers are expected to carry 2.5 billion credit card transactions in just few months. And the forecast suggest that the rise is 8% higher in comparison to the previous year.
 

Confidence of the consumer

The confidence of the consumers in the plastic money has shown great rise. Economic news with GDP reports and inflation info add to it. These predictions enhance the confidence of consumers. The enhanced confidence may be fully justified. Around 30% of the total credit card expenditure is carried out on the daily essentials like food items and groceries. Consumers are racking up their credit card bills by shopping for designer dresses, fashion accessories and everything random.
 

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