SOUTH AFRICA’S BLACK FRIDAY SPENDING INCREASED

Compared to last year, South Africans welcomed Black Friday back with open arms.

Business Insider reports that as of Monday, data points to an increase of between 15% and 30% in sales for Black Friday 2021, year-on-year, depending on how you measure.

While it seems that individuals spent less, more people were buying, and electronics were a favourite among local shoppers.

FNB said their sales increased by between 15% and 19% with their own cardholders having spent more than R2.5 billion and it processed more than R2 billion in transactions via its terminals.

On Monday, the bank said its own cardholders spent 15% more on Black Friday 2021 compared to 2020. FNB also said that based on transactions from other bank customers via its Speedpoint card terminals, spending increased by 19%, year-on-year.

Data indicates that the extension of the sale dates, compared to only on Black Friday last year, gave shoppers more time and less pressure to shop around before making their final purchases.

While Black Friday had people shopping in the United States, many decided to stay home and rather buy online. With Covid still present in the world, many retailers decided against the big instore specials, but rather made them available online.

The announcement of the new Covid variant, Omicron, coinciding with Black Friday also might have had an impact on sales.

Image credit: Daily Maverick