Credit card spending bounces back, finds Citi
Popular bank and credit card provider Citi is calling it “business as usual” as customer spending made a comeback in February. According to the bank’s recent Credit Card Index, the daily average spend last month spiked by 28%. This is after a 19% drop in January. “As anticipated, spend has increased significantly in February following January's holiday season spending hangover,” said Choong Yu Lum, head of credit cards at Citi Australia. “February’s 28% spike in daily spend has recovered of pre-COVID levels, indicating the new year is in full swing and consumers are making the most of a predominantly lockdown-free month.”The numbers also revealed that Aussies are spending more on life administration, with less focus on leisure activities. In fact, Citi recorded a massive 80% increase in spending on Legal and Tax Services.
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