Card spending weak, more pain to come

Thu, 09 Apr 2020

The tourism and hospitality sector is sounding alarm bells about potential collapse and today’s electronic card spending data shows just how dire the situation is.Card spending on travel fell 53 percent or $66 million in March versus February. The fall is three times bigger than it was in January 2008 at the start of the global financial crisis.Spending on food and beverage services, which include cafes, restaurants, takeaway food services, and bars, fell 27 percent or $238 million in March after a 2 percent or $17 million increase in February,...

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