Covid-19: Average card spend falls 25% as shopping, travel take back seat

Average card spends have taken a hit during the lockdown, with discretionary spending in malls as well as travel coming to a halt. Axis Bank and HDFC Bank have reported an over 25 per cent dip in average credit card spends in March 2020, compared to January and February.
 

With malls and shops closed, spending avenues are practically non-existent. Further, saving money for essentials and the general inclination towards conserving cash led to lower discretionary spending in March, a trend that continued in April. This is not expected to change even after lifting of the restrictions, with priorities now changing,