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The average cash withdrawal values across South Africa for December 2011, was R458, a 2.45% year on year increase on December 2010's average withdrawal of R447, as measured by the Spark Cash Index (SCI). Month on month values revealed a significant increase of 8.75% from November to December 2011.
"The December 2011 results of the SCI indicate that we can also expect the RTS results for December 2011 to reflect a positive increase over the same period in 2010," says Marc Sternberg, MD of Spark ATM Systems.
"This improvement is consistent with other positive local economic data recorded towards the end of 2011, such as lower civil judgements on debt, an improvement in job creation and higher tourism numbers."
Other countries have also reported an uptick in consumer spending in December. A survey of 56 economists by Bloomberg News this week revealed sales at US retailers were projected to rise by 0.3% in December, while British Retail Consortium reported a 4.1% rise in sales in December 2011 versus the same month in 2010.
Stats SA's Retail Trade Sales (RTS) values follow the same pattern as South Africa cash withdrawal values. Released two months ahead of the RTS, the SCI figures therefore predict the pattern that RTS will follow.
The SCI is a useful 'real-time' gauge of consumer spending, utilising the company's ATM systems' network of over 1400 ATMs located countrywide to reflect accurate, broad and timely cash demand and utilisation data. These ATMs are typically located in convenience stores, petroleum stations, specialist retail nodes and leisure & hospitality venues.
