In a press release this week, the payments giant explained the data reflects total spending from all payment methods, including cash and cheque, over a seven-week period starting on 1 November 2024.

The findings highlight a potential resurgence in consumer confidence and adaptability among retailers.

Wayne Best, Visa’s chief economist, noted: “This spending growth demonstrates the adaptability of both consumers and retailers and the overall strength of the economy.”

In-store shopping was said to be particularly resilient, accounting for 77% of the total payment volume. Total retail spend in stores reportedly grew at a rate of 4.1% compared to 1.6% last year.

Online retail also saw robust activity, with sales increasing 7.1%, though it was at a slower pace than last year’s 10.3%.

Furthermore, Visa said specific categories experienced notable growth, including a 5.0% rise in clothing and accessories sales, a 4.2% increase in electronics, and a 4.7% rebound in building materials, reversing last year’s decline.

Globally, other markets mirrored this positive trend, with Brazil leading at 12.2% growth, followed by South Africa at 7.0%, and Australia at 7.4%. The UK recorded a 2.3% increase.

The Retail Spend Monitor draws on Visa’s network data, comprising 234 billion transactions annually, to provide insights into consumer spending patterns.

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