Joburg residents are the biggest spenders, followed by Capetonians and Durbanites.
This was revealed in Discovery Bank’s SpendTrend24 report, compiled in collaboration with Visa.
Per the report, it seems Joburgers have been spending their money casually, like it’s no big deal.
They’ve splurged a whopping 47% more than the average South African. Capetonians aren’t far behind, spending 38% more, proving that they know how to live the high life. And even Durbanites, with their laid-back vibe, have been digging a bit deeper into their pockets, spending 13% more than the average South African.
The report further shows that while Cape Town takes the crown for grocery spending, Johannesburg splurges the most on eating out.
The report gathered info from Discovery Bank’s South African clients and over 60 million Visa cards globally, covering 3 billion transactions. It analyzed spending habits in 14 cities worldwide, including three in South Africa, selected for meaningful comparisons based on economic factors.
In the bustling city of Cape Town, spending skyrocketed by a remarkable 6%, fueled by a surge in splurges on groceries, dining out, and travel, leaving other cities trailing behind in the spending game.
When it comes to where South Africans are spending their money, groceries, retail therapy, travel, and fuel take the cake, gobbling up nearly two-thirds of all spending.
In 2023, South Africans hit up grocery stores and online platforms more often, but the amount spent per transaction remained steady. Meanwhile, dining out and takeout expenses rose by 8% after a hefty 28% surge the previous year, with many opting to cook at home weekly and showing a willingness to shell out extra for healthy eats.
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