On Black Friday 2024, South African consumers, despite facing financial stress due to incomes often falling short of expenses, still queued to take advantage of discounts. By 500 PM, significant spending was observed, with one individual spending R340,000 in a single transaction. The average transaction value was R490.27, and the highest number of transactions by one consumer was 26. Notably, the largest transactions included R834,800 spread across 15 payments and R390,700 across 21 payments.
According to data from Ozow and Peach Payments, by 500 PM, a total of 301,760 transactions had been processed, with the largest recorded at R267,240. Discovery Bank's dashboard reported an average in-store card transaction of R544, and the average online transaction was R1,060, with the biggest single card transaction reaching R400,200. Consumers' spending patterns showed significant purchases in food and drink 19, recreation 14, and home items 12.
Top spending destinations included well-known retailers like Woolworths, Pick n Pay, Checkers, Dis-Chem, Makro, and iStore for in-store shopping, while online shoppers favored platforms such as Takealot, Amazon, and Checkers Sixty60.
Professor Bonke Dumisa, an economic analyst, commented that while Black Friday could offer genuine discounts, many deals might be overhyped, with some items marked as "super discounts" but sold at regular prices. However, Black Friday remains beneficial for the economy, boosting retail trade and potentially contributing to a rise in South Africa's GDP for the fourth quarter.
Consumer feedback was mixed, with some expressing dissatisfaction with the lack of genuine discounts on essential goods, while others noted that the large sums spent were often funded by retirement payouts, benefiting retailers and tax authorities more than consumers.
