Statistical news focuses on the latest figures and trends in Danmarks Nationalbank’s statistics. Statistical news is targeted at people who want quick insight into current financial data.
Record-breaking card turnover in 1st quarter of 2022
Despite the fact that Denmark was partly locked down in January 2022, the card turnover in the 1st quarter of 2022 reached kr. 176.4 billion. This is a new record compared to the corresponding quarter in previous years. The card turnover in the 1st quarter of 2022 was 10.8 per cent higher than the previous record in the 1st quarter of 2019, which was not affected by corona restrictions.
First-quarter card turnover reaches a new record in 2022
Note: The chart shows the quarterly card turnover in Denmark and abroad made with Danish payment cards.
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The card turnover indicates the total value of all payments made with Danish payment cards. The turnover is seasonal, but by comparing the 1st quarter of 2022 to the 1st quarter of previous years, account is taken of this seasonal impact. The turnover is affected by other conditions too, e.g. the extent of corona restrictions, shift of holidays around Easter, changed payment habits and inflation. Consumer prices rose by 6.8 per cent in the period from the 1st quarter of 2019 to the 1st quarter of 2022 and will, other things equal, increase the card turnover1.
Some industries advance, others go back
The high card turnover level in the 1st quarter of 2022 is the result of the fact that many industries’ card turnover has increased, while only a few industries’ card turnover has decreased, when comparing to the level from the 1st quarter of 20192.
Examples of industries with high card turnover growth are department stores, IT and telecom, restaurants and bars and gas stations. In these industries, the card turnover in the 1st quarter of 2022 was as much as 25.7 per cent higher than in the 1st quarter of 2019. Some of the industries with decreasing card turnover are car dealerships, car rental companies, travel agencies and airlines. The card turnover for these industries was around 17 per cent lower than the turnover in the 1st quarter of 2019.
Online trade is catching up with physical trade
The card turnover can be divided into four places of use: physical trade, online trade, self-service environments and ATMs. The turnover in physical trade is still the heaviest category and accounted for 53.1 per cent of the total card turnover in the 1st quarter of 2022. Online trade is getting heavier and now accounts for 34.7 per cent of the total card turnover.