Johannesburg, Mar 6 (I-Net Bridge) - The latest February statistics released by independent ATM deployer, Spark ATM Systems, indicate that consumer spending and trading conditions are gradually stabilising, following a significant drop-off in withdrawal values from December 2011 to January 2012.
The Spark Cash Index (SCI), which measures the average value of cash withdrawals across more than 1,500 Spark ATM's throughout the country, revealed a small month-on-month drop of 1.31% in February 2012 to R412 per transaction, compared to the drop of 8.81% recorded in January 2012.
Latest average withdrawal statistics also revealed a 1.93% year-on-year increase for February 2012 and the figure of R412 was also the highest recorded average cash withdrawal amount for February in four years.
According to Marc Sternberg, MD of Spark ATM Systems, the stabilisation of average cash withdrawal values was in keeping with consumer cash withdrawal patterns recorded over the past four years.
"Following the traditional post-festive season slump in January, consumer spending gradually starts to gather momentum again in February, returning to positive gains during the Easter holiday period," Sternberg added.
According to Statistics SA, during 2011, retail sales rose 6.1%, up from 5.1% in 2010.
"This is positive news for consumer spending for the first half of 2012. Current factors such as high nominal income levels and interest rates remaining steady at near 30-year lows are helping to sustain household consumption, which is a key driver of our economy at almost 60% of overall gross domestic product."
Sternberg also pointed to a recent report by the Investment Property Databank (IPD), which measured retail trading densities for SA's largest shopping centres, which showed a 4.9% year-on-year increase in 2011.
However, Sternberg warned that factors such as rising inflation and challenging global conditions might eat into disposable income, curbing household consumption in the second half of 2012.
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