Black Friday spending up on pre-Covid levels
‘‘It’s good to see the people actively back in the CBD shopping.’’ Wendy Smith
Chamber of Commerce chief executive
It appears South Canterbury residents may have ignored Reserve Bank advice to curb spending, with $4.2 million spent in the region in the week leading up to, and including, Black Friday – a 6% increase on pre-Covid levels in 2019.
Figures from electronic payment network Worldline show spending, for the seven days ending November 27, matched those of 2021, with more retailers taking advantage of Black Friday discounts, South Canterbury Chamber of Commerce chief executive Wendy Smith said.
Those figures also show $900,000 was spent in the region on Black Friday, the same as 2021, and up 3% on 2019.
Last Thursday, Reserve Bank governor Adrian Orr urged consumers to stop spending in a bid to avoid a recession, telling Parliament’s finance and expenditure select committee the central bank was engineering a recession, in a deliberate attempt to slow the economy.
The spending figures do not include food, liquor and hospitality, and go against national figures which show spending was down 9.5% in the lead-up to Friday.
A Black Friday twilight market, organised by the Timaru CBD Group in conjunction with the Timaru Artisan Farmers Market, saw central Stafford St closed to traffic with a large market, entertainment and a Christmas Grotto on Friday night.
Many shops stayed open, and it was
estimated thousands of people were in the main street for the market.
Smith said feedback the Chamber has received show things have ‘‘certainly been positive about the lead-up to and the Friday trading period’’.
‘‘It’s good to see the people actively back in the CBD shopping,’’ Smith said.
She said while some retailers were nervous about driving a discounting mentality, more were taking advantage of Black Friday discounts, and it had ‘‘provided a prompt for people to reengage’’.
‘‘Our understanding is that many smaller businesses have engaged this year, grateful for an opportunity to rebuild trade.’’
Smith said commentary among retailers suggested trade was slowly building in the lead-up to Christmas.
She encouraged people to value ‘‘local businesses’’ by either shopping directly with them or online.
‘‘And for that person you’re just not sure what to buy, then purchase a gift voucher,’’ Smith said.
‘‘This can be purchased for every retailer in town plus any of the hospitality and tourism businesses, a coffee or meal voucher makes a great gift.’’
‘‘Shop local. Remember it is usually these businesses that support the local schools, sponsor the local teams and ensure we have variety in the experiences we can provide across our three districts.’’
She said many businesses in the region were feeling the impacts of fewer staff and an increased number of sick days from staff.
‘‘Costs are increasing on every front, and it can be difficult to cover these while not alienating customers with price hikes.’’