News

Average cash withdrawals in South Africa up again in October

November 7, 2011

Average cash withdrawal values across South Africa – as measured by the Spark Cash Index (SCI) – increased by 1.22 percent from September to October this year.

The average cash withdrawal value for October 2011 was R418, up on September's average value of R414.

"The annual trend is for cash withdrawal values to increase steadily month on month from September through to December each year, and this year has been no exception," said Marc Sternberg, Spark ATM Systems.

October 2011's value is also 1.74 percent up on the value for October 2010 of R408. The Index has been showing this positive year-on-year trend throughout 2011. All months except June have seen an increase on the corresponding month of 2010.

"Especially positive is that October 2011's value is the fourth highest ever recorded by the Spark Cash Index since its launch in September 2007," Sternberg said. "Seeing as every month this year has been up on last year, there is a strong possibility that December 2011's value will be the highest ever measured by the Spark Cash Index. Consumer positivity is definitely on the increase as is the value of cash in circulation, which is great news for retailers and business owners ahead of the upcoming festive season."

Stats South Africa's Retail Trade Sales (RTS) values follow the same pattern as SA cash withdrawal values. Released two months ahead of the RTS, the Spark Cash Index figures therefore predict the pattern that RTS will follow. The RTS can therefore be expected to follow the same upward trend from September to October this year, as the SCI has done.

For more information on this topic, visit our trends/statistics research center.