South Africans on Black Friday are a cynical bunch when it comes to scoring deals on what’s dubbed the ‘biggest shopping day of the year’. And for good reason. Black Friday 2024 takes place on the last Friday of the month – Friday 29 November 2024. And stymied by high unemployment, low salaries and negligible economic growth over the last two years, Mzansi is taking Black Friday one step at a time.
Nevertheless, finance experts believe South African consumers are in a good space financially this year. Certainly, better than we were in 2022 or 2023. And that bodes well for South Africans on Black Friday 2024, reports The Citizen, with a retail sector poised for a welcome injection of cash.
SOUTH AFRICANS ON BLACK FRIDAY
Specifically, ABSA has tracked increased month-to-month consumer spending through its latest Merchant Spend Analytics report. The bank examines consumer-spending patterns across all categories. And its data shows a 3% spending increase and a 3% transaction volume increase in 2024. For the first time in a year, this spending has grown in consecutive months, too.
Furthermore, the report reveals consumer spending grew by 6% in this time. This outpaced the current inflation rate year-to-date. Spending in categories such as home and garden, and business supplies have increased by 14% and 16% respectively, driving overall consumer spending upwards. However, bricks-and-mortar clothing shops have struggled under the rise of fast fashion and international online retailers.
SHIFT IN SPENDING PATTERNS
Other interesting takeaways from the report shows increased use of credit cards to purchase consumer good. As a result, credit card usage has increased by 10% year-to-date, while debit card growth slowed to only 4%. Online spending grew modestly by 19% compared to last year’s boom of 35%. ABSA sees and predicts continued growth of online marketplaces – particularly for food and clothing – with major retailers competing closely for market share.
Better still, South Africans on Black Friday 2024 are anticipating some excellent deals across the board. Unlike last year when retailers were struggling, the economy was flat and genuine deals were thin on the ground, 2024 is much brighter. Most savvy shoppers prioritised stocking-up on essential household items through discounts last year. But South Africans on Black Friday 2024 seem set to spend their money more indulgently this time around.
Experts realise that the financial health of consumers has been under pressure for a long, long time. Accordingly, they’ve tightened their belts and adjusted their spending patterns. But Friday 29 November 2024 is be a great opportunity to positively exploit the country’s improving economic conditions once again.
WHAT DEALS ARE YOU HOPING TO BAG ON SALE?
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