CONSUMER INSIGHTS | SEPTEMBER 2024 Absa’s Merchant Spend Analytics: June 2024 Absa | Corporate and Investment Banking > Insights and Events > Absa’s Merchant Spend Analytics: June 2024 SHARE Consume This, CGS Monthly: Volume 5 We are pleased to share the latest Merchant Spend Analytics report. As a leading merchant acquirer, we pride ourselves on using a unique vantage point into 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. Your browser does not support the video tag. This month’s report presents the following key findings: • Month-to-month, consumer spending and transaction rates exhibited a decline for June 2024, primarily attributed to weakening performance across core spending categories. • Year-to-date, consumer spending realised a soft increase of 5% (YTD Jun’23: 8%), slightly lagging the inflation rate. • Debit cards maintained their dominance as the preferred payment method accounting for 78% of all transactions, however, credit card utilisation grew at a faster pace. • While e-commerce continues to expand, in-store spending remained the predominant shopping channel, comprising 91% of all transactions. • This month’s analysis focuses on the emerging home and garden sector. 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
