Economic analysts say this year’s Black Friday sale indicate that customers prioritised more on stocking essential items which are crucial on the festive season checklist. Picture: Simphiwe Mbokazi
Durban – Economic analysts say customers prioritised on essentials instead of the luxurious items in this year’s Black Friday.
According to them, this year’s sales indicate that their shopping focused more on stocking up groceries for the festive season holidays. Economic analysts say this year’s Black Friday sale indicate that customers prioritised more on stocking essential items which are crucial on the festive season checklist.
In a interview with Newzroom Afrika Massmart vice-president Katherine Madley said in the previous years customers were also buying an enormous amount of items online which had to be collected at the stores.
“What we are seeing this year is totally different from previous sale records. People were focusing on buying the essential goods. Customers had essentials in every trolley, and that was an indication that people were stocking up for the festive season,” said the analyst.
Another analyst, Standard Bank credit cards head Tumelo Ramugongo said this year’s customers behaviour indicated how tough the economy is.
“We noticed people spending money on the essentials and spending groceries instead of retail clothing. What’s more interesting is that we also is that customers are booking holidays and that has resulted in quite an uptake on flights and accommodations. This year’s sale records indicate that this year’s economy is mostly about essentials than the essential goods,” he said.
Furthermore, research by the BMR on behalf of retailer finance provider Capital Connect found that Black Friday spending was expected to increase from R19 billion in 2022 to R26.6bn this year.
The research said that last year 15% of sales were online and they expected a significant proportion of sales to also be online this year.
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