Spending will drop off this December
BLACK Friday will almost certainly cast a dark pall over Christmas, a senior economist has warned.
Frenzied online spending and mania at brick and mortar shops since Friday have raised alarm in some quarters.
Ian Cruickshanks believes that shoppers who flocked to malls across the country to beat down doors and stand in long lines waiting for a midnight opening time all to snag that discount price item might have less to spend on their Christmas gifts.
“Spending always goes up around Christmas time but I don’t expect that we’re going to see a spending bonanza this year. We’ll see a slight increase in consumer credit around December because it always goes up anyway.”
“I’m horrified when I see these long lines of people because they need to ask themselves if it’s really worth it? Because spending all that money on Black Friday will contribute negatively to their overall spend for the month,” he said.
Canal Walk marketing manager Vanessa Herbst said that Black Friday was one of the mall’s most successful promotions despite the doors to Game being damaged early on Friday morning as people forced their way in.
“Last year Black Friday was one of our busiest trading days of the year. Many of the stores extended their Black Friday specials for the weekend,” she said.
Pick n Pay head of marketing John Bradshaw announced on Friday they were extending the deals through to yesterday.