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December spend shows an increase in 2018 - BankservAfrica

Consumer spend over the traditional holiday period in December reflected a year-on-year increase, according to BankservAfrica’s data which measured the value and volume of sales in December 2018.

BankservAfrica is Africa’s largest clearing house and plays a crucial role in processing billions of trusted payment transactions per year while maintaining the safety and security of South Africa’s National Payments System.

The value of transactions in December 2018 reached R59 billion, a 15% growth on the previous year’s R51 billion. There were 106 million transactions, a 12% growth on the 95 million volume of transactions in 2017.

From the data it appears that 1 December was the highest spending day, however, the spike in volumes could also be as a result of SASSA grant pay-outs. The highest spending activity took place in the build-up to Christmas on 21 and 24 December where there were 4.6 million transactions. The other significant shopping day occurred over the long weekend on 14 December with 4.4 million transactions.

As seen in 2017, consumer spending in December 2018 was the highest at grocery stores, service stations, restaurants and food stores.

“While there was a jump in December spend activity between 2018 and 2017, it is interesting to note that this was largely for affordable and essential household items. This reflects the spending pressure that consumers have found themselves in the weakened economy,” says Martin Grunewald, Executive Head: Payments Business at BankservAfrica.

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The BETI (BankservAfrica Electronic Transfer Index) is the broadest and earliest business cycle indicator on the economic calendar and gives the fastest overview of South African growth trends.
BankservAfrica Take-home Pay Index (formerly BDSI - BankservAfrica Disposable Salary Index), monitors how much cash salaried consumers have at their disposal and is released quarterly.
BankservAfrica Private Pensions Index (BPPI), provides an income gauge of monthly private pension payments paid into bank accounts of those 60 years of age and over.

BankservAfrica is recognised as a systemically important Financial Market Infrastructure by the South African Reserve Bank.   In 2014, the company undertook a self- assessment in terms of the Principles for Financial Market Infrastructure published by the Bank for International Settlements. This self-assessment report was submitted to the SARB in April 2014. Following a review by SARB, BankservAfrica has published in full the 2014 self-assessment.  Readers should note that the self-assessment report was concluded over two years ago and that many aspects of the organisation have changed.  BankservAfrica will publish a revised assessment annually.  The latest full report dated January 2017 is available below.
Download Full Report

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