They were canoodling and kerfoefeling. Exchanging gifts and quaffing bubbles. Many new babies may have even been made this time too – since this has been the closest to ‘normal’ Month of Love we’ve had since Covid-19
And it’s good news for the economy.
Spend at restaurants was 45% higher, with spas up 36%, and cinemas saw a 228% increase compared to February of last year, according to data from FNB customers, the bank has said.
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“The sustained recovery in consumer spending is a positive sign for the country as it shows that South Africa is transitioning into a more open economy with less restrictions,” says Ashley Saffy, Business Development Head, FNB Card.
Beyond these sectors, spend on chocolates, flowers, and other gifts rose sharply, she says, with chocolatiers experiencing a 62% increase in spend while flowers and gifts accounted for 81% and 20% increases, respectively.
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Both in-store and online shopping saw strong growth, a clear indication that hybrid ways of shopping are becoming the norm among consumers in South Africa, according to the bank.
“The sustained growth in online shopping suggests that consumers and businesses are finding common ground on supply and demand,” says Ashley.
