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: July 2024 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. Read more CONSUMER INSIGHTS Understand retail’s Most Valuable Player: the customer Navigating the vast consumer goods and services environment during a time of rapid change does not need to be daunting. Read more Podcasts How The AfCFTA will enable digital trade In this podcast, we explore the opportunities of the African Continental Free Trade Area’s protocol on digital trade. What will it mean for cross-border trade, and what do African businesses need to know?
