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Visa has announced its first Retail Spend Monitor, from Visa Consulting & Analytics (VCA), which analyzes holiday season retail spend for the seven-week period starting on 1 November 2024. The findings show overall holiday spend in South Africa increased 7%, year over year.
“South Africa witnessed dynamic spending growth in the build-up to the holiday season. This was attributed to a combination of factors: a strengthening of the economy as interest rates dropped and inflation rates were reduced, plus healthy Black Friday deals. This has driven spending in comparison to last year, especially across department stores, food & groceries, and home improvement & supplies, with the highest growth rates witnessed in apparel & accessories,” said Sandy Samaan, vice president of advisory at Visa for sub-Saharan Africa.
The VCA Retail Spend Monitor reports on national retail sales across all payment types. The findings are based on a subset of aggregate retail sales activity in the Visa payments network, coupled with survey-based estimates for other forms of payment.
This comprehensive analysis provides valuable insights into consumer spending behaviors and trends, aiding retailers in strategic planning and market positioning.
For more, go to corporate.visa.com