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Axis Securities Report
Strong pick-up in the new card issuances supported by the economic unlocking and festive demand boosting the open market channel resulted in a ~12 lakh million new card additions in November 2021. On a year-to-date basis, new card additions grew by 134% YoY.
However, Nov-21 data suggests moderation in credit card spends month-on-month post a strong show in Oct-21, though YoY growth remains robust at 43% YoY.
We believe a large part of the spends improvement is aided by a revival in discretionary spends and increasing spends on domestic travel post easing of restrictions. Despite the restrictions on international travel (high-), spends have witnessed a strong rebound.
However, with the increasing risk of the Omicron variant and the government’s restrictions on flights, we believe this category of spends is likely to remain under pressure for some more time.
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