According to data from the Icelandic Centre for Retail Studies, payment card turnover totalled ISK 104bn in April, an increase of just under 12% YoY in nominal terms, the slowest growth rate since October 2022. Between March and April, however, turnover shrank by 4.6% in nominal terms.
In price-adjusted terms, YoY growth was far weaker, or around 3%. Apart from October 2022, when card turnover was virtually unchanged YoY, the last time turnover growth was this slow was at the beginning of 2021. These newly published numbers from the Centre for Retail Studies suggest that card turnover might be realigning after the spike in Q1/2023.