The rate of increase in card spending is at its lowest level in 5 years

The decline in the annual growth rate in card spending continued. As of the week of October 30, 2026, the annual increase rate of card spending decreased to 32.9 percent, falling to the lowest level in the last five years. Thus, the slowdown in the spending growth rate, which reached triple-digit levels in 2022, continued.

The annual increase rate of card spending reached its peak at 155.3 percent in 2022, and remained high at 151.4 percent in 2023. The increase rate was 135.0 percent in the first half of 2024.

The slowdown accelerated in the second half of 2024

There has been a significant decline in the rate of increase in card spending since mid-2024. The annual increase rate continued its decline throughout 2025, dropping to 34.6 percent.

The slowing trend continued in 2026. With the annual increase rate decreasing to 32.9 percent in the last week of October, the lowest annual growth rate in card spending was recorded since 2021.

The data revealed that card spending continued to increase in nominal terms, but the rate of increase slowed down significantly compared to previous years.