In partnership with
  • Busting Uber myths

    The ehailing firm is constantly trying, succeeding - and sometimes failing, says Ian Mann.

  • Trapped in a democracy

    The very people elected to bring benefits to all are undermining SA, says Solly Moeng.

  • Marikana spectre

    Five years after the bloody massacre calls for justice are growing louder, says Terry Bell.


Consumers ignore economic conditions

Dec 19 2012 16:17
Sapa/I-Net Bridge
Johannesburg - Withdrawals from ATMs across the country between December 11 and 18 rose 6.57% year-on-year (y/y), Spark ATM Systems said on Wednesday.

Following increased retail activity over the long weekend‚ latest cash withdrawal statistics reveal that spending among local consumers has increased 6.57% y/y for the period December 11-18 2012.

This indicated consumers had not cut back this festive season despite tough economic conditions, spokesperson Evan Gilbert said in a statement.

According to the Spark Cash Index (SCI)‚ which monitors activity across more than 2 000 Spark ATMs throughout the country‚ an average withdrawal value of R484.43 for the period December 11-18 was recorded‚ compared to R454.55 for the same period in 2011.

Marc Sternberg‚ MD of Spark ATM Systems‚ said the increase in ATM cash withdrawal values ahead of the Christmas period is no surprise as consumers hurry to the shops to buy gifts and stock up on food supplies ahead of holiday trips and home entertaining.

“The festive period is known as the ‘silly season’ for a reason - consumers tend to forget financial difficulties and spend cash motivated by their need to enjoy their well-deserved break after a long year. During this time‚ consumers are often also more receptive to retailers’ in-store promotions and specials‚” said Sternberg.

He also pointed to recent findings of the 2012 Deloitte Year-End Holiday Survey which showed that cash tops the gift wish list this year for South Africans, with 41% indicating they would prefer to receive cash gifts for Christmas this year.

“This coming weekend before Christmas should prove to be incredibly busy period for the retail sector as consumers flock to the shops to purchase last-minute items.

“Due to the fact that we have already seen a year-on-year increase for the period December 1-18 2012‚ it is most likely that the highest average cash withdrawal value ever recorded by the SCI of R457.00 for the month of December 2011 will be overtaken this year‚” said Sternberg.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.



Read Fin24’s Comments Policy publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Company Snapshot

We're Talking About...

Savings Month

It's never too late to start saving. Visit our special issue and add your voice.

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

The proposal to nationalise SARB will

Previous results · Suggest a vote