Mastercard: SA women hold the purse strings

Mastercard released its inaugural Spending Pulse report on Wednesday.

Picture: Supplied

CAPE TOWN - A consumer spending report has revealed that woman are in control of the purse strings.

Mastercard released its inaugural Spending Pulse report on Wednesday.

It tracks consumer spending patterns based on actual anonymous transactions.

Senior Vice President and Group Head of Market Insights for Mastercard Sarah Quinlan says that there has been an uptick in spending by customers.

“In July we saw that retail sales grew by 7.2% on a nominal basis, this includes inflation, and 2.3% when I take out the inflation.”

She adds they anticipate this trend to continue.

The report further reveals most of the shopping was done by women.

“Seventy-five percent of transactions are made by women. I think the power of the female consumer is a lot stronger than people realise.”

Quinlin says that consumer spending is key in pulling a slow economy out of the doldrums, like with the 2008 recession.

(Edited by Shimoney Regter)