Resurgent Retail - Powered by Rising Domestic Consumption

Cushman & Wakefield

The overall spend through credit cards has nearly

Credit card spending has been on a steep rise, making us believe that Indian consumers’ confidence in a brighter economic outlook is high. The overall spend through credit cards has nearly tripled to INR 18.31 lakh crore in merely three years until FY2024. Before that, it had almost doubled in five years to INR 9,744 in FY2022. Interestingly, if we investigate this data more closely, the average spend per transaction on cards is also rising, growing consistently at 11-13% for the last three years to INR 5,142 as of FY2024. Strengthening consumer spending is beneficial for the growth of organized retailers, as the rising usage of credit cards certainly highlights the consumers’ indulgence in experiential and discretionary spending. FY2024. Before that, it had almost doubled in five year to INR 9,744 in FY2022. tripled to INR 18.31 lakh crore in merely three years until

Credit card transactions

10,000 12,000 14,000 16,000 18,000 20,000

6,000

18,311

5,130 4,914

5,000

5,142

14,323

3,575

4,000

9,744

3,274 3,430 3,353

3,078 3,029

3,000

6,333

7,371

0% 2,000 4,000 6,000 8,000

INR

6,079

2,000

4,626

INR Bn

3,312

2,437

1,000

0

FY 2015-16

FY 2016-17

FY 2017-18

FY 2018-19

FY 2019-20

FY 2020-21

FY 2021-22

FY 2022-23

FY 2023-24

Average spend per transaction (INR)

Amount of transactions (INR Billions)

Source: Reserve Bank of India

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