Black Friday sales total R4.5bn with shoppers targeting supermarkets and online sales
BankservAfrica says spending patterns reflected the tough economic conditions, though one cardholder spent R113,000 on a single transaction at a luxury jewellery boutique
Black Friday 2023 sales reflected the tougher economic conditions in SA, with consumers prioritising supermarkets specials and online sales, according to BankservAfrica, which provides payment clearing services to banks.
Total sales amounted to R4.49bn, with the automated clearing house’s online card authentication service recording 1.4-million transactions valued at R1.39bn. That’s 11% more than the 1.2-million transaction volumes a year earlier and a 29% improvement on the R1bn registered in 2022.
However, the total value of in-store transactions fell 21% to R3.1bn from R3.9bn in 2022.
“In-store shopping was slightly down from last year’s levels compared with online [sales], which delivered again as merchants upped their Black Friday promotions and attracted interest from eager consumers,” said BankservAfrica spokesperson Shergeran Naidoo.
“Consumers stocked up on well-priced goods with spend at supermarkets in the lead followed by department stores,” he added.
The highest single transaction value by card amounted to R113,000 at a luxury jewellery boutique, though “the financial constraints faced by consumers were clearly visible in this year’s Black Friday spending patterns”, Naidoo said.
Based on the BankservAfrica’s data, South Africans began shopping at midnight with 30,770 transactions tracked in the first hour, up 4% year on year. Between 8am and 9am, 89,362 online sales were recorded, an increase of 124% compared with the same time on the previous day.
After slowing down, online sales peaked between 10am and 11am, when 93,814 transactions were recorded. The final hour of Black Friday saw 34,157 online transactions, a 37% increase from a year earlier.
In-store shopping levels were down slightly on 2022. “The total volume of in-store card transactions amounted to 5.9-million, declining by 6% compared to 6.3-million in 2022,” Naidoo said.
Most bargain-hunters hit the shops later in the day. In 2023, in-store sales volumes were the highest between 4pm and 5pm with 496,399 transactions recorded.
The highest number of swipes by a single cardholder was 644 compared with 827 in 2022.
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.