FNB Credit Card CEO Chris Labuschagne said the largest increases in spend were on entertainment followed by luxury goods and then home spending.
“We looked at our entire database, and took into account the average spend from January to November last year, and the relative increase seen in December 2015, to give an indication of how much more customers may expect to spend over this festive season,” he said.
The bank’s data shows that, on average, customers who usually spend R6,650 on their card during the year increased their spend by R1,460 in December 2015, to an average of R8,100 per customer.
Top three spends in December
#1 – 52% jump is seen in the entertainment category (R684m from an average of R447m)
#2 – 51% more in the luxury goods category (R365m from an average of R241m)
#3 – 44% increase in home spend on furniture, hardware and garden (R404m from an average of R281,2m)
“Our customers spent on average R350 per month on items for their homes during the year and this went up to R485 in December 2015,” said Labuschagne.
- 42% more on health and beauty (R225,7m from an average of R158,9m)
- 40% extra on grocery bills (R1,2bn from an average of R919m)
- 12% increase in petrol purchases
The only category that sees a significant decrease is spend is airline tickets, which dove by 25% – R292m spent monthly during the year versus R220m in December – as most South Africans are already at their holiday destinations.
“While the festive season is a great time to enjoy with family and friends, make sure that you don’t stretch your spending beyond what you are able to pay back,” said Labuschagne.