CONSUMER INSIGHTS | NOVEMBER 2024 Absa’s Merchant Spend Analytics: September 2024 Absa | Corporate and Investment Banking > Insights and Events > Absa’s Merchant Spend Analytics: September 2024 SHARE Consume This, CGS Monthly: Volume 8 The two-pot system and consumer spending power 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. The report outlines how to factors such as delayed payouts, the processing of tax directives, consumers channeling funds towards reducing debt and consumer uncertainty about withdrawing retirement funds may have contributed to the decrease in consumer spending. 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: September 2024 showed a decline in card spending and transaction volumes. YTD figures ending in September 2024: Deceleration in card spending and transaction volumes compared to the same period in 2023. Debit card vs credit card: Credit card usage continues to outpace the use of debit cards. Online spending vs in-store spending: Online spending continues to enjoy double-digit growth. 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: August 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
