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ICICI Securities Report
Industry-wide August 2022 credit card spend dipped 3% month-on-month to Rs 1.1 trillion and, as per trends, September 2022 spend is likely to remain robust at Rs 1.2 trillion.
Based on further bifurcation available for credit card spend, point of sale spend grew 8% month-on-month and e-com spend declined 9% month-on-month.
Mix of point of sale spend increased from an average of 37% between March 2022-July 2022 to 40% in Aug-22 while the share of e-commerce declined from average 63% to 60% in the same period.
Upcoming e-com festive sales (Big Billion day and Great Indian Festival) are likely to revive the e-com mix (% of total spends) back to April-July-22 levels.
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