BLACK FRIDAY

SA consumers shopped around more and spent less on Black Friday

By our News Team | 2023

More people also took advantage of deals to buy everyday items, rather than spending on big-ticket luxury goods. 

Although the volume of Black Friday and Cyber Monday in South Africa sales increased over the previous year, data from payment service provider, Ecentric Payment Systems, shows that the value of transactions, and the timing of purchases made, indicates that local consumers are carefully shopping around while also spending less.

 

At the same time, says Wesley Fetter, Product Manager at the company, consumers went for everyday items instead of luxuries. This indicates that they had been waiting for deals on daily needs and, perhaps, stocking up on non-perishable goods.

Black Friday

Photo by Karolina Grabowska from Pexels

According to Fetter, the value of the spend was, on average over the extended Black Friday period, behind the past few years in real terms. This shows the pressure consumers are under.

 

Companies that use Ecentric’s payment dashboard to monitor sales showed a 5,06% decline in transaction volume, and, in real terms, value dropped 12%.

 

Shift in trends when it comes to peak days

 

“We saw retailers start offering sale prices ahead of the traditional 24 November date, which also led to a shift in trends when it comes to peak days,” Fetter says.

 

Online and retail sales both peaked on November 25, the day after Black Friday. This is an indication that people wanted to avoid the queues that are typical of Black Friday.

 

Andrew Wilmot, Customer Experience Executive at Ecentric, notes that there was more online growth between 2021 and 2022 than this year.

 

“Ahead of next year, retailers need to focus on offering more deals as South Africa continues to battle to right the economy in the face of daily loadshedding (scheduled power outages), says Wilmot.

 

“Whichever way you look at it, South Africans are battling and want more value for their money.”

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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.