Discovery Bank 2023/24 festive season SpendTrend insights revealed

At Discovery Bank, we're curious about the stories that data can tell, especially when they demonstrate the behaviours of our clients. Our SpendTrend analysis of client transaction data during the past festive holiday season - between 1 December 2023 and 15 January 2024 - revealed some interesting client preferences and broader trends.

In particular, our clients' love for both domestic and international travel is a standout theme. We all clearly embrace the chance to unwind and explore South Africa's scenic beauty - particularly its stunning coastline. But national borders didn't contain them - Discovery Bank clients saw in New Year's Eve from over 60 countries around the world!

Here are some key insights into how Discovery Bank clients spent over the holiday period:

• Rising spend amid rising costs: On average, general card spend was up 8% this past December compared to the year before. This points to the overall rising inflationary trends reported throughout 2023.
  
  According to Vitality Travel data, flight prices along popular local routes have stabilised, and have even come down, since December 2022. This follows a significant rise since 2019. However, rising demand has led to increases on many international routes.
   
  

• Travelling here, there and everywhere: This interesting visual shows how clients spread out across our beautiful country over time, particularly between 15 December and New Year's, resting all along the Cape, Garden Route, South Coast, and around the Kruger National Park.
   
  
  
  Card usage stats showed, plausibly enough, that Discovery Bank clients across the country are 37% more likely to travel in December compared to the rest of the year. This behaviour varies across cities, and is highest among Joburgers (+52%), followed by Durbanites (+29%) and Capetonians (+22%).
   
    

• New Year, New Trends: After New Year's, there was a noticeable shift in spending habits.
  
  A 44% drop in average daily spend on alcohol signalled the start of healthier resolutions as clients took on Dry January - or maybe that money was just better spent elsewhere, as seen with the 96% increase in spend on stationery and school supplies for the upcoming academic year!
   
  

After all that, our wallets might need a holiday just as much as we do! As we soldier through the start of 2024, it's a smart idea to keep up the discipline and prioritise refilling our savings pockets in time for the next adventurous break - hopefully, in the not-too-distant future!