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Easter spending up as consumers return to stores

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Consumers spent enthusiastically this Easter, according to the latest data from Standard Bank’s Card Division — in line with spending in 2019 but a stark contrast from 2020 spending over the same period.

Card transaction volumes for Standard Bank card customers over the Easter holidays was up three-fold year on year from 2020 and the value of transactions, the amount of money spent over Easter, was up four times year on year.

Card transaction volumes were up one and a half times from 2019, demonstrating improved consumer confidence as many more consumers shook off the effects of last year’s stringent level 5 lockdown and shopped in store this year.

“Consumer spending this year demonstrates somewhat of a return to normality following a difficult Easter in 2020. Consumers embraced an eased lockdown to spend more at the shops, a trend highlighted by the increased card usage this year as opposed to last year when more consumers chose to shop online. In a sense it represents a return of consumer confidence and a linear progression to pre-Covid-19 spending levels and patterns,” said Ethel Nyembe, Standard Bank head of card and payments.

Online spend was also up by almost three times this year as opposed to 2020. “We are encouraged by the rate and pace of growth in retail online platforms with an ever increasing number of customers opting for the convenience and safety of digital shopping,” said Nyembe

In a similar trend to previous years, Saturday was the biggest shopping day this Easter followed by Monday.

Card transaction volumes peaked at 200 transactions per second and averaged 140 transactions per second over the Easter period, the bank’s data shows.

Spenders were not early risers with the majority of spend over the four days happening over lunchtime.

Source: TimesLIVE

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