Residents of the Central Federal District are leading the charge as the most active credit card users in Russia, according to recent data from VTB Bank. The trends for 2024 reveal intriguing spending habits among different regions, offering insights into how Russians are navigating their financial landscapes amid inflation.
The average check for credit card purchases by VTB clients across Russia stood at 1,300 rubles, identical to the figures from 2023. However, the Central Federal District saw a noticeable surge, where the average check reached 1,500 rubles. Following closely behind is the Northwestern Federal District, which recorded an average check of 1,400 rubles.
Interestingly, it is in these regions where consumers are allocating the highest percentage of their spending toward cafes and restaurants, which collectively accounted for 8% of total expenditures made via credit cards. This casual dining trend signals a shift in how residents are prioritizing social engagements in their spending.
In stark contrast, credit card users from the North Caucasus Federal District appear to be less engaged with credit, making just 9 transactions per month and recording a lower average check of 1,200 rubles. This district also exhibited an increase in spending focused on health and pharmacy categories, highlighting differing consumer needs across regions.
Supermarkets remain the most popular category for credit card spending, making up 27% of all transactions—a 2% increase from the previous year. Following supermarkets, spending for home improvement and repairs ranked second, constituting 10% of total credit card outlays. Cafes and restaurants as well as clothing and footwear purchases each contributed 7% to the overall picture, while online marketplaces accounted for 5%. Remarkably, the share of transactions in these particular categories has remained stable over the past year.
Moreover, it appears that expenditures related to art, including theaters and cinemas, represent the smallest share of credit card spending, accounting for less than 1%. This suggests that cultural engagement remains a lower priority compared to everyday necessities.
Konstantin Litvinov, Head of the Credit Cards Department at VTB, shared insights on these trends, stating, "A stable average check on credit cards against the backdrop of inflation indicates an increase in their use for everyday expenses. The main operations on credit cards are for daily expenses – supermarkets, cafes, and home improvements, while niche categories like culture or car rentals are less popular." His comments emphasize how inflation is affecting spending priorities across the regions.
The data paints a clear picture of the evolving landscape of credit card use in Russia. While certain areas, such as the Central Federal District, demonstrate robust spending behaviors, others lag behind due to regional economic factors and consumer priorities. VTB’s data illuminates these shifts, offering a snapshot of financial habits for 2024 as residents navigate an increasingly complex economic environment.
Overall, the trends indicate a more significant reliance on credit cards for regular expenses, with users utilizing them to manage everyday costs amidst the pressures of inflation. This reflects a broader adaptation to economic realities, where managing cash flow has become paramount for many consumers.
