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: September 2024 Is the two-pot retirement system giving consumers extra money to spend? We know the financial health of the consumer has been under strain for a prolonged period, leading to a decline in card spending and volumes. The latest Merchant Spend Analytics reports how consumers may be using a portion of their two-pot retirement system payouts to settle short-term debt and restore household spending. Read more BLACK FRIDAY SA Shoppers Should Brace for Fewer Black Friday Bargains American novelist, Herman Melville once wrote: “It is better to fail in originality than to succeed in imitation.” This quote felt apt as we review consumer habits and the annual “Black Friday” and “Cyber Monday” trade events. Read more IMPACT MATTERS SERIES Black Friday 2024 Black Friday, once synonymous with long queues, crowded stores, and deep discounts, seems to be losing its luster. 2023 marked a significant shift in Black Friday spending patterns compared to the previous year. Read more
