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Blog: 26 April 2016 (Money spent on motor vehicles in SA)
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In today's blog we look at the following question. How much money is spent by consumers on motor vehicle related activities. Think buying a car, paying for fuel, buying a pie and coffee at the convenience store , servicing your car, replacing worn tyres, and off course buying the nicer mags, or bull bar for your SUV. So just how much money is spent on all of this by South Africans?
Data used: Motor Trade Sales from Statistics South Africa. Note pie chart below is based on current prices (prices not adjusted for inflation). |
Total Money Spent on the above:
The pie chart below shows the contribution of the various components of the private transportation and maintenance thereof industry. The biggest contributor to this industry is new car sales (contributing 29%), followed closely by used vehicle sales (20%). What would be interesting to see over time is whether the contribution of used cars relative to new cars increase (as interest rates go up, consumers might go for cheaper used vehicles instead of buying new).
Interesting the money spent on fuel is very similar to the amount of money spent on sales of accessories (but in this case accessories include tyre replacements for worn car tyres). Again these two measures would be interesting to compare over time as fuel prices fluctuate, and as consumers struggle due to rising interest rates, they might hold off on replacing tyres or buying accessories for their cars.
The value spent on the above industry for the last quarter of 2015 amounted to just over R143billion, while the economy for the quarter was worth just over R1trillion. Essentially this industry was 13.9% of the total economy for quarter 4, 2015. That equates to roughly R2600 per quarter per person in South Africa.
The value spent on the above industry for the last quarter of 2015 amounted to just over R143billion, while the economy for the quarter was worth just over R1trillion. Essentially this industry was 13.9% of the total economy for quarter 4, 2015. That equates to roughly R2600 per quarter per person in South Africa.