One of South Africa’s biggest banks warns of South Africans’ poor financial health

Two years since the onset of the Covid-19 pandemic, an array of lockdowns and disruptions in various forms resulted in extremely volatile spending behaviour from consumers, says Isana Cordier, head of consumer goods and services sector coverage at Absa.

“Looking at mobility data specifically, we can see a clear trend starting to emerge. It is evident from this data source that the overall retail footfall to malls has been on a downward trend for the past two years since January 2020, whilst online retail search has stabilised since the initial increase witnessed, albeit at a higher level than at the onset of the pandemic.”

“However, we recognise the gap in the data is the cash trading in the system, and that cash is more difficult to track, bearing in mind that South Africa has a large cash economy. And, during the month of April Absa picked up on negative growth in its merchant spending data in some categories including groceries, “raising a further flag to our concern,” said Cordier.economic pressure on consumers is mounting

Source: Healthcare Press (healthcarepress.net)

Tell one of our biggest banks it's not the economy that's poor, it's the corrupt politians making it poor. obfiscationIsSoYesturday;

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