Consumer spending recovers in most categories – South African bank

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FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo
FILE PHOTO: The buildings with the logos of three of South Africa's biggest banks, ABSA, Standard Bank and First National Bank (FNB) are seen against the city skyline in Cape Town, South Africa, September 3, 2017.REUTERS/Mike Hutchings/File Photo

With easing of lockdown, South Africa’s First National Bank (FNB) on Thursday said spending by their clients using debit, credit, and fusion cards increased 19.2 percent year on year.

The bank said card data showed that consumer spending in telecommunications and internet services, entertainment, grocery, health and wellbeing with animal or pet-related categories recovered better than expected, while travel is lagging behind.

“The overall trend shows that consumers are gradually regaining economic participation, but some sectors are still lagging in recovering their usual share of consumer spend,” said FNB retail CEO Raj Makanjee.

The FNB Credit Card & Card Platform CEO Chris Labuschagne said some clients are embracing the new normal and doing many of their payments online.

“The momentum in spending also shows that consumers and retailers are settling into a new normal when it comes to shopping activity.

Many consumers and businesses have embraced online shopping as part of their life, and we see this trend growing even further in the months ahead. It’s also pleasing to see strong recovery in customers who shop at a point of sale,” he said.

Labuschagne said they are offering promotions until mid-November to boost travel and tourism ahead of the festive season, such as giving qualifying retail and business customers additional complimentary access to airport lounges. Enditem

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