As South Africans prepare to hit the malls this Friday, experts have advised them to look out for Black Friday deals and avoid falling prey to retailers’ tactful advertising.
Consumers are expected to flood retail outlets to get a slice of the Black Friday pie.
After a tough financial year, South African Savings Institute CEO Gerald Mwandiambira says consumers should stay out of debt.
“Savings on items you usually buy. We all know how expensive food has become. Would try to stock up on groceries and try to stock up for holidays and holidays. Especially with the rising cost of living, you need to shop smart this year, especially for groceries. Another tip: if you haven’t really saved up for it, don’t do it. Given that South Africans have more money at the moment, don’t spend on impulse because you will surely regret it.”
Hard times are ahead
The institute also says that before splurging on unnecessary items, it’s important for consumers to remember that economic times are tough ahead.
Mwandiambia says that in the coming months, South Africans can expect prices of basic commodities to rise, along with interest rates.
He says: “If you’re an impulse shopper who’s just enjoying the energy around Black Friday, it’s better to buy necessities, buy food, buy school uniforms – focus on necessities. As for the economy, the price of gasoline increases significantly in December. We have not yet seen the worst in the economy. There are still six to 12 months when we need to tighten our belts. Interest rates may rise by 50-100 basis points in 2023.”
In the video below, Credit Ombudsman Senior Counsel Avita Nofal gives consumers financial advice for Black Friday:
