Increased ATM withdrawals point to rise in consumer confidence
According to the Spark Cash Index it is the largest year-on-year growth so far in 2012.
This suggests "improved consumer spending and retail trading conditions nationally"‚ according to the index‚ which is compiled by independent ATM deployer Spark ATM Systems.
The index also revealed a month-on-month increase of 2.76% in June to R437.71 per transaction.
According to Marc Sternberg‚ MD of Spark ATM Systems‚ the increased cash withdrawal activity was recorded across all sites – including the wholesale‚ retail‚ petrol‚ farming and hospitality sectors.
"These increases are in line with the start of the mid-year school holiday season that kicked off towards the end of June‚ when parents typically take their children away for holidays trips. This is traditionally followed by increased spending on food‚ petrol and other holiday activities‚" he said.
Mpumalanga recorded the highest provincial average cash withdrawal value of R457.16 in June – maintaining the pole position the province has achieved over the past six months.
"This suggests tourism in the region is steady and Nelspruit is receiving increasing recognition as a growing business hub‚" Sternberg said.
The North West‚ KwaZulu-Natal and the Eastern Cape recorded the three highest month-on-month average cash withdrawal increases‚ at 2.36%‚ 2.34% and 2.33% respectively‚ while Gauteng year-on-year growth of 11.18% was the highest year-on-year growth for the second month in a row.
"All provinces recorded an increase in month-on-month and year-on-year withdrawal values‚ with the exception of Limpopo‚ which showed a 0.88% decline year on year‚ suggesting June 2012 overall was a fruitful month for businesses reliant on consumer spending‚" Sternberg said. – I-Net Bridge