Row rect Shape Decorative svg added to bottom 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 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).
