The latest insights from FNB have shown a slight boost in card spend since the start of level 4 lockdown. However, the Bank states that despite the increase in consumer spending, activity is still averaging significantly lower compared to pre-lockdown levels.
Chief Executive of FNB Retail, Raj Makanjee says, “Since the first announcement of measures to go on a lockdown, consumer spending has been on a roller-coaster. While consumers were panic-buying in the days ahead of lockdown, overall consumer spending since the start of lockdown has been subdued. We witnessed a slight increase over the course of level 4 lockdown and expect this trend to continue improving into level 3.
While FNB reports a relative increase in shopping activity, the Bank encourages customers to continue managing their money responsibly. Since April 2020, FNB has availed Cashflow relief with 3-month payment breaks for qualifying customers. The relief is offered at preferential interest rates with a flexible repayment term; there are no initiation fees or penalties on early settlement.
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