Despite the current high cost of living, South Africans stayed up late to save midnight.
Household debt was 60% and unemployment was 33.9% in the second quarter of this year, down from 34.5% in the first quarter and a record high of 35.3% in the fourth quarter of 2021.
The current high interest rates have made the situation worse.
At midnight, customers were already queuing outside some retail stores to grab Black Friday deals.
Some shoppers were not impressed by the sale.
“I couldn’t get what I was looking for because the item wasn’t actually on sale,” says one shopper.
The survey found that some malls had lower-than-expected footfall.
Andrew Stein, a vice president at one of the chain’s retail stores, says, “We’ve been doing a survey for two weeks that has shown that shoppers are eager to come in and shop the old fashioned way.”
#sabcnews Shoppers braved the rainy weather in Durban to stock up on essentials at some retail stores #Black Friday is in full swing. pic.twitter.com/ozJl8jeVo4
— Nonkululeko Hlophe (@Leko3) November 25, 2022
Tactful advertising
Experts advise buyers to pay attention to Black Friday promotions and not fall for tactful advertising of retailers.
After a tough financial year, South African Savings Institute CEO Gerald Mwandiambira says consumers should stay out of debt.
“We all know how expensive products have 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.”
In the video below, Credit Ombudsman Senior Counsel Avita Nofal gives consumers financial advice for Black Friday:
Additional reporting by Prabashini Moodley.
