SPONSORED | Insights from Discovery Bank and Visa's research show 'our country's economy is often more resilient than we give it credit for'
and Visa have announced the results of their collaborative SpendTrend23 report, a landmark initiative aimed at identifying and understanding shifts in“As a bank built on the use of big data and digital technology, we believe it’s important to share our unique insights on spending data that reflects the true performance of our economy,” says Discovery Bank CEO Hylton Kallner.
Eating out and takeout spend has increased significantly as people are returning to restaurants. Load-shedding is another reason for people eating out, which they do 60% more during load-shedding levels 5 and 6. The proportion of travel spend on flight tickets has increased for the average South African by 12% for domestic travel and 2% for international travel.clients have a different experience: the proportion of travel spend on flights decreased by 14% for domestic flights. This can be attributed to the, where Discovery Bank clients get enhanced flight discounts across all local airlines.
Interestingly, geography does not affect whether a consumer is inclined to spend online or in-store, with equal affinity between consumers in metropolitan and in rural areas.
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