PODCAST: How consumers shopped on Black Friday
Although consumers have to watch their spending, they still went all out on Black Friday. What did they buy and how much did they spend?
This year’s Black Friday weekend was expected to bring in record sales and consumers did not disappoint: the highest single transaction reflected on digital payment platform Ozow’s dashboard amounted to an eye watering R818 000 for a travel package.
According to Payfast’s data, one shopper paid more than R627 000 on a single purchase. Consumers were expected to spend about R7 billion more this time, despite battling to make ends meet as many of them saved up to spend their money on household essentials and other necessities.
Research by the Bureau of Market Research conducted on behalf of retail finance provider Capital Connect, indicated that Black Friday spending was expected to increase from R19 billion in 2022 to R26.6 billion this year.
Now the question is what did consumers spend their money on and how much did they spend? Listen to what Tumelo Ramugondo, head of credit card at Standard Bank SA has to say about how Black Friday went for South African consumers.