Groceries are the number one item that’s been purchased by Discovery Bank clients, according to the Visa and Discovery Bank Spendtrend23 report.
It’s also found credit card spending is over 20 percent higher than pre-pandemic levels. The report includes consumers from lower-income to high-end earners. Discovery Bank CEO Hylton Kallner says it’s interesting to see how different income groups have been impacted by food price inflation.
The highest income categories you see that spending on groceries has increased by 4-12 percent which is in line with what you see with Stats SA and CPI numbers,” Kallner said.
“But if you got to the lower income categories, you see that grocery spend has increased by 45 percent year-on-year….that’s being driven by significant increases in core items that people don’t have the flexibility to substitute in their baskets. The important thing that we’ve done is to see how the spending differs by income segment as well.
Source: eNCA
In other news – Bongani Mtolo resigns from Radio 2000
It is a stressful time for those working at radio stations all around the country as management teams have started announcing changes that will be put in place as from April.
On Wednesday, Radio 2000 breakfast show host, Bongani Mtolo, said he chose not to renew his contract with the public broadcaster and resigned. Learn more
