PODCAST: What to buy this Black Friday
South African consumers struggle to make ends meet while they battle high interest rates and inflation. How can they deal with Black Friday?
The latest Debt Rescue survey reveals how financially distressed most South African consumers are, with a staggering 70% of them saying this Black Friday they will focus on hunting for deals that will put more food on the table and help them to stock up on necessities such as toiletries, electronics and other tech items.
In addition, the survey showed that while inflation and record-high living costs caused a spike in consumer demand for great deals, an unbelievable 85% of working South Africans plan to spend less this year than in previous years, pointing to a reduction in disposable income.
However, despite economic challenges, a significant 83% of consumers intend to participate in Black Friday, with 89% willing to spend up to R3 000 for the right deals.
The survey was conducted among just under 2 800 participants between the ages of 25 and 65 to understand consumer engagement, spending patterns and overall sentiment regarding the value and authenticity of Black Friday promotions.
Listen to Annaline van der Poel, chief operating officer of Debt Rescue, as she talks about the survey results and what it tells us about the financial situation of most South African consumers. She will also give some tips on how to spend money wisely this Black Friday.