Black Friday spend halves as cash-strapped consumers tighten their belts
People spent on essentials, rather than luxuries, and small businesses gained from shoppers staying away from large malls
Black Friday spend in 2020 was down by more than 50% from 2019’s record figure, data from BankservAfrica, a clearing house for banks, shows.
BankservAfrica is the largest automated payments clearing house in Africa and shows how consumers using bank cards spend money. The slump in Black Friday sales bodes ill for retailers that rely on the day to boost sales. ..