PODCAST | Reflections on this year’s Black Friday

A look back at this year’s Black Friday through the lens of Absa’s transaction data is the focus of this edition of the Business Day Spotlight. 

Our host Mudiwa Gavaza is joined by Tshipi Alexander, head of card issuing at Absa Everyday Banking.

Listen to the discussion:

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The discussion focuses on Black Friday activity, as seen through Absa, one of the country’s largest banks and payments providers. What were people buying? How much was spent and what channels  — physical or online — drove transactions?

Alexander says the bank saw a recovery in Black Friday activity to about 2019 levels, before the Covid-19 pandemic took hold. Transactions were up 26% compared with the same period in 2021. 

According to the bank’s data, the largest spend was on groceries, with Alexander explaining that online retail and e-commerce were the real winners of the day. 

Despite facing considerable pressure, he says the uptick in transactions shows that consumers are becoming more shrewd with their spending, constantly looking for good deals and ways to maximise on special offers. 

Alexander also says the data continues to show a move towards digital payments. 

Topics of discussion include: Black Friday transaction data from Absa; trends from the retail event; the growth of e-commerce in SA; recovery of consumer spending; efforts to increase digital payments; and the outlook for the year ahead. 

Business Day Spotlight is a TimesLIVE Production.