Consumers spent R93 billion over the festive season, a 35% improvement compared with December 2020. This is according to BankservAfrica’s point-of-sale data of transactions processed.
“On New Year’s Eve, spending reached R2 billion, which was 41% higher than 31 December 2020,” it says. “The 2021 volumes were [over] 4.5 million or 32% higher than the previous year. “The amount of cash circulating in South Africa was also in high numbers in December 2021. BankservAfrica’s Integrated Cash Management Service [ICMS] data showed commercial banks placed a combined total of R89 billion in physical cash orders for their respective ATM and branch networks over the [festive] period.
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