SA consumers may have experienced exceptional difficulty and chaos during the pandemic, but newly published data suggests that spending has returned to pre-pandemic levels for things like groceries, services, travel, retail, and takeout food purchases.
The report found that consumers between the ages of 31 and 40 are the most likely to spend online.This is according to Discovery Bank and Visa's 2023 card spending trends report.
For groceries, which make up the largest spend category, high food inflation is a big driver for the higher spend, with the mass market client group spending 47% more on their groceries now than in 2019.A contributing factor for this was load shedding, which accounted for 60% more spend in this category during Levels 5 and 6.From 2019 to 2022, online spend increased by 13% among South Africans, compared to the 25% increase from Discovery Bank customers.
The top online clothing merchants for the same period included: Cotton On, Zara, Superbalist.com and TFG. The country manager at Visa South Africa, Lineshree Moodley, says in the report that the various shifts observed in spend show us that South Africa will continue to be among the top markets that lead the way for developing countries, as far as transacting digitally is concerned.
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