The December flash estimate of the IZA/Fable SWIPE consumption index shows a 9.9% year-on-year increase in credit card spending in Germany for the first half of the month, compared to the same period in December 2023. The index is updated daily as more data comes in, providing increasingly complete monthly partials, and it remains to be seen how much of this growth will hold by the end of December.

A key factor behind this significant rise is the timing of Black Friday, which fell on November 29 this year, compared to November 24 in 2023. This shift moved part of the Black Friday splurge, including Cyber Monday purchases, from November into December. The late Black Friday also caused the final November consumption growth figure to stabilize at 4%, down from the 6% indicated in the flash estimate.

Linke to Paper: The IZA/Fable Swipe Consumption Index