CONSUMER INSIGHTS | NOVEMBER 2024 Absa’s Merchant Spend Analytics: August 2024 Absa | Corporate and Investment Banking > Insights and Events > Absa’s Merchant Spend Analytics: August 2024 SHARE Consume This, CGS Monthly: Volume 7 Could consumer spending be on an upward trend? We are excited to share our latest Merchant Spend Analytics report. The report offers insights on consumer spending habits, derived from a vast array of card transaction data. By examining patterns and trends within this data, we have gained valuable insights into the preferences, behaviours and spending power of consumers across various categories. Your browser does not support the video tag. Key highlights: Month-to-month: Consumer spending experienced a positive uptick in August 2024, this marks the first instance of consecutive monthly growth in 2024. Muted Performance in Food and Clothing: Despite the overall positive trend, spending in the food and clothing categories remains tepid, reflecting changing consumer behaviour. Online spending vs in-store spending: There has been a slight uptick in online shopping, while in-store spending experienced a modest growth. Debit card vs credit card: Credit and debit card transaction volumes decreased and stagnated across the core categories, since 2019. Focus on Automotive Category: The automotive category navigated a complex consumer spending landscape. Download latest Absa Merchant Spend Analytics Report https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: November 2024 While Black Friday 2024 marked a modest improvement over the previous year’s dismal performance, it fell short of the double-digit growth achieved in 2022. The post-payday boost contributed to a rise in overall card spending from 3% to 6% during Black Friday 2024, despite a slight softening in transaction volumes. Read more CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: October 2024 Consume This, CGS Monthly: Volume 10. After a dip in September, card spending and transaction volumes rebounded strongly in October. This uptick can be attributed to factors such as the recent 2-pot retirement reform and overall economic improvement. This positive trend is particularly promising for this Black Friday, Cyber Monday and upcoming Festive Season. Read more CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: October 2024 In an era of accelerated change, navigating the vast consumer goods and services landscape can be daunting. This newsletter forms part of a series of reports curated by industry experts, leveraging Absa internal and global data sources, as well as local research across the consumer goods and services sector to bring you the latest insights and trends. Read more
