Row rect Shape Decorative svg added to bottom CONSUMER INSIGHTS | OCTOBER 2024 Absa’s Merchant Spend Analytics: July 2024 Absa | Corporate and Investment Banking > Insights and Events > Absa’s Merchant Spend Analytics: July 2024 SHARE Consume This, CGS Monthly: Volume 6 The health of the consumer Consumers are feeling the pinch! South African consumers’ financial health is under significant strain due to inflation, high interest rates and global economic challenges which have burdened them with debt. Despite a slight increase in real take-home pay for consumers, the growth is insufficient to keep up with the rising cost of living and high levels of debt. Your browser does not support the video tag. In this edition, we use data-driven insights from various sources to delve into the landscape of debt in South Africa and explore how the debt burden is shared across demographics. We are also pleased to share the latest Merchant Spend Analytics Report. As a leading merchant acquirer, we pride ourselves on using a unique vantage point in consumer spending insights to guide your business through today’s spending trends. By leveraging our extensive transactional data, we aim to give your business a bird’s-eye view on current consumer spending trends, evolving preferences and emerging market shifts. This month’s MSA report presents the following key findings: Month-to-month (MTM): Positive uptick in consumer spending and transaction rates driven by improved performance of the tracked consumer spending categories. Year-to-date (YTD): While essential categories such as food have experienced slow growth, discretionary spending has demonstrated resilience with above-inflation rate performance. Credit card usage appears to be growing faster than debit card usage. This seems to be reflective of a tough consumer environment. Data suggests that consumers have developed a durable preference for online shopping. In the spotlight: Internal data reveals a sustained downward trajectory in spending and market share for the building and hardware category. Download latest Absa Merchant Spend Analytics Report https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles Podcasts Africa Trade: Balancing Gains and Pains, Practical Realities and Support Balancing gains and pains: the on-the-ground realities and practical support. How do African businesses turn a trade vision into a profitable reality? This final, action-oriented episode focuses on the on-the-ground realities of AfCFTA implementation, addressing critical challenges and detailing the practical support available to businesses, particularly SMMEs. Podcasts Africa Trade: More Than Just Tariffs, Unlocking Opportunities More than just tariffs: unlocking opportunities in services and investment. Ready to move beyond borders? This episode dives deep into the African Continental Free Trade Area (AfCFTA), exploring the immense opportunities in services and investment that extend far beyond simple import tariff reductions over the next decade. Podcasts Navigating the New Africa Trade Deal Navigating the new trade deal. Ready to unlock a market of 1.3 billion people? This foundational episode of "Africa Trade Unlocked" is your essential guide to the African Continental Free Trade Area (AfCFTA), often hailed as the world's largest free trade area since the World Trade Organisation (WTO).
