Most Read

  • Introducing TFGLabs: Investment in omnichannel technology continues to transform TFG
    Leading fashion and lifestyle retailer TFG shared its strategy to revolutionise the omnichannel experience and transform into Africa's leading high-tech omnichannel retailer. "We are laying the foundations to become the largest, most reliable and most profitable e-commerce destination on the continent; via a simplified, customer-centric approach, aimed at maximising group scale, minimising duplication and cost, and leveraging our incredible assets," shared newly appointed co-chief omni officer Claude Hanan. The announcement came as part of the retailer's 2021 financial year-end presentation. Issued by TFG (The Foschini Group)
  • All the winners from the 2021 Luxe Restaurant Awards
    Last night, 8 June, The Hospitality Counsel hosted their 3rd annual Luxe Restaurant Awards, celebrating the finest contributions to the South African restaurant industry, at AURUM restaurant within The Leonardo, Africa's tallest skyscraper.
  • The Business Finance Bootcamp
    Five weeks, five free webinars to get your business fighting fit.
    10 July - 8 August
    Issued by OnlineX
Show more
Business services


More...Submit news
Advertise on Bizcommunity

Subscribe to industry newsletters

Consumer spending leads economic recovery

The recent launch of the Mastercard SpendingPulse Report is a first for South Africa. The Report is an early indicator of consumer spending trends and is part of the change Mastercard is undergoing, and a space it is spending more time in.

©rido via 123RF
Mastercard is no longer just the company that delivers credit cards says Mark Elliot, division president, Mastercard, Southern Africa.

The change stems from the recognition that the company is in possession of vast amounts of data. In South Africa, Mastercard works with merchants and issuers to understand the market they operate in to provide a better performance and tools to allow them to make the correct strategic decisions. “The Report closes a gap in the data that many issues and merchants have, while providing the opportunity to have more actionable insights earlier than other sources.”

Sarah Quinlan, senior vice president and group head, market insights, Mastercard elaborates on this. “We have a lot of data but we have not yet learnt to use it. If we can understand the data we can give insight and then give commentary to help you make a decision. This is what the Report does.”

The Report tells us what the consumer does. “The consumer in the world and specifically in South Africa has been leading any sort of economic growth, not government or investment by business, so you must have her pulse.”

She says 'her' on purpose. “With 75% of purchases in this country made by women, you need to understand how she thinks.”

Analysis of consumer trends

The Report endeavours to provide an analysis of consumer trends that is on an executive level that drives insights to enable fact-based decision-making. “It reveals that shifts in the health and spending power of the consumer in light of the wider economic landscape.”

The Report is based on actual spending data. “The data is sourced from our worldwide payments network and includes all forms of tender, such as cash, not only Mastercard data.” Globally there are 2.3 billion cards and 52 billion transactions take place a year.

The Report is released at least two weeks prior to government reports and has a strong correlation to government sources. The sectors covered are total retail general dealers, pharmaceuticals, medical goods toiletries and cosmetics.

Elliot adds that while the South African macroeconomy continues to be challenging, Mastercard will continue to work against that backdrop. “We believe that we are well-placed to provide more success.”

About Danette Breitenbach

Danette Breitenbach was the editor and publisher of Advantage, the publication that served the marketing, media and advertising industry in southern Africa. Before her editorship, she was deputy-editor as well as freelancing for over a year on the publication before that. She has worked extensively in print media, mainly B2B, in the fields of marketing, mining, disability marketing, advertising and media.



Let's do Biz