As Black Friday enters its tenth year in SA, its place in the retail sector is cemented, with consumers showing no sign of slowing down, according to experts.
However, as spending increases, the need for consumer awareness and financial discipline amid the ongoing economic uncertainty also increases.
According to Standard Bank, what began in 2012 with Takealot’s introduction of the US shopping frenzy has now become an integral part of local consumer culture. The bank said that over the years, the popularity of Black Friday had only grown, with both physical store visits and online shopping hitting new highs.
Standard bank said 2023 marked a major milestone in Black Friday’s journey in SA as foot traffic in malls surged to record levels post the Covid-19 pandemic and online spending also experienced a sharp rise.
Data from Standard Bank and Liberty Two Degrees (L2D) showed that malls across the country experienced a 39% increase in foot traffic compared to 2022, and a 32% jump over pre-pandemic 2019 levels. Online shopping also increased 17% in 2023, contributing to growth of more than 30% in online spending since 2021.
While Black Friday was once synonymous with electronics and appliances, Standard Bank said there had been a significant shift in consumer habits over the years with many turning to grocery and fashion sales.
Head of credit at Standard Bank Tumelo Ramugondo, said grocery shopping alone accounted for 27% of all spending over that weekend last year.
“In categories like groceries, clothing and department stores, we see high transaction volumes. In contrast, holiday and entertainment categories have lower volumes but higher spending, suggesting that consumers who can afford such save throughout the year for Black Friday deals on their dream vacations,” Ramugondo said.
This shows despite the economic pressures of inflation, high interest rates and unemployment, South Africans remain dedicated to making the most of both the Black Friday sales and the festive season, as many shift focus on family-orientated experiences.
Consumer financial education specialist at Momentum Group, Salem Nyati has warned that Black Friday is a ploy designed to get consumers to spend more.
She said consumers needed to be wary of retailers as they were highly skilled at leveraging psychological tactics to encourage impulsive buying, making it easy to overspend.
Nyati advised shoppers to be strategic and disciplined. She said while it was tempting to buy everything on sale, it was important to plan purchases in advance and stick to a budget.
She said consumers must do research to identify genuine discounts and avoid falling for fake deals or overpriced items disguised as bargains.
While many will flock to malls to take advantage of the sales, many others will capitalise on online sales. However, the fraud threats persist in the e-commerce space.
RCS chief information officer Leon Jacobs warned consumers to be cautious of rising fraud risks as online shopping increased on Black Friday. He advised shoppers to safeguard personal and financial information, especially against types of credit fraud like phishing, counterfeit cards and identity theft.
Jacobs said consumers should carefully monitor transactions, use secure websites, avoid sharing sensitive information and report any suspicious activity.
“With International Fraud Awareness Week approaching, it’s a timely reminder to stay proactive about safeguarding our finances. Being vigilant and adopting simple preventative measures goes beyond protecting money — it helps maintain trust in the systems we depend on every day. By staying secure, consumers can fully enjoy the convenience of modern transactions without sacrificing safety,” he said.
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