SA consumers adapt to rising living costs

SOUTH African consumers are feeling the impact of the rising cost of living with a notable shift in their financial behaviour.

- SIPHESIHLE BUTHELEZI

This is according to the findings of the SpendTrend25 report released by Discovery Bank and Visa which provides insight on South African consumers’ spending habits based on in-depth analysis of credit card spending data.

Visa and Discovery Bank said this year they also commissioned an independent public survey among a group of South Africans to capture more detailed perspectives on the use of cash and digital payments, use of subscription services, banking security perceptions and the influence of AI on financial behaviour.

Some of the key findings in the report are that card spending has slowed despite inflation being lower and groceries, retail, travel, eating out and fuel account for more than 70% of total consumer spending.