Black Friday 2024 will once again be the biggest shopping day of the year in South Africa. Are there good deals to be had and how are local consumers spending their cash this time around?
Black Friday 2024: All you need to know
Black Friday isn’t everyone’s cup of tea, but there are certainly several tempting deals to cash in on when it rolls around. 2024’s edition will take place on Friday 29 November, although there are already several deals available. Cyber Monday is also a notoriously good time to shop for tech products. That’s on 01 December this year.
Upward consumer spending trends in South Africa
Via Ray Leathern, it seems as though South Africans have more disposable income to spend in 2024. 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, brick-and-mortar clothing shops have struggled under the rise of fast fashion and international online retailers.
Consumers are spending on credit
Other interesting takeaways from the report show increased use of credit cards to purchase consumer goods. 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.
Click for the full story and details from The South African’s Ray Leathern
Are there Black Friday specials on rent and petrol?
Of course not, silly. But why not ask your landlord to give you a reprieve on December’s rental costs in a well-written email and see how that goes?
What will you be buying for yourself on Black Friday 2024?
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