The SpendTrend24 report gives insights into consumer behaviours, emerging trends, and the evolving expectations of consumers.
Discovery Bank and Visa have released their latest SpendTrend24 report, a comprehensive study of consumer spending habits. This latest report is based on over 13 billion transactions made on more than 60 million credit cards from 14 cities around the world, including three South African cities, five emerging market cities, and six developed market cities, from 2019 to 2023.
Groceries, retail, travel and fuel make up nearly two-thirds of South African spend. Overall, emerging market cities spend a higher share on groceries and fuel, and a lower share on travel compared to developed market cities, which also spend a higher share on eating out and takeout. Global travel volumes have largely returned to pre-pandemic levels, but at a higher cost, indicating a recovery in the travel industry with evident inflationary pressures.
While consumer spending in South Africa outpaced inflation by 19 percentage points in 2022, the growth in consumer spending closely matched inflation in 2023.In emerging markets, a larger part of the budget goes to essentials like groceries and fuel, with less spent on non-essentials like travel.In developed market cities, share of spending on travel is twice as much compared to emerging market cities .
Travel utilisation is returning to normal – but is costing more, for everyone. After a surge in ‘revenge-travel’ following the pandemic, South Africans’ travel habits have settled. However, the cost of travel is now higher than before.
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