Consumer spending spikes despite tight economic climate

A consumer spending report has revealed that spending patterns in South Africa are on the rise despite the country's tough economic climate.

Mastercard released its inaugural Spending Pulse report on Wednesday.

The report findings show 75% of transactions are made by women.

Ray White, standing in for Stephen Grootes on The Midday report, spoke to Sarah Quinlan, Mastercard senior vice president.

We found for the month of July, spending was up 7.2% if we look at it including inflation - and 2.3% when we take out inflation - it is a significant increase from what we have been seeing over the last 12 months.

Sarah Quinlan, Senior Vice President and Group Head of Market Insights for Mastercard

What is fascinating to see is that the consumer is saying for necessities - 'I look at them as a commodity, I will buy them as cheap as possible, but I actually do want to feel unique and thus I will have some discretionary spending and buy cosmetics'.

Sarah Quinlan, Senior Vice President and Group Head of Market Insights for Mastercard

Click on the link below to listen to the full audio...


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