Black Friday’s good news
SPREE: PEOPLE SPEND MORE, SHOWING RECOVERY FROM 2020
Shoppers’ willing to splash out on big-ticket items like TVs, appliances.
On Black Friday, consumers spent more money, bought online and spent a lot on electronics, showing they are ready for a new way of shopping and paying.
People bought more than in 2020, showing their finances are recovering from the hardship of the past 18 months.
They did not expect the news of another Covid variant.
At Standard Bank, the highest number of transactions by a single individual was 79, with the most expensive transaction being R450 010.
According to FNB, Black Friday spending increased year-on-year by 19%, with transactions to the value of more than R2 billion processed on the bank’s Speedpoint machines, and FNB cardholders bought goods for more than R2.5 billion, an increase of 15%.
“Our statistics also show heightened shopping activity beyond Black Friday, with transactions for the month of November up 25% compared to the same month in 2020,” says FNB chief executive Jacques Celliers.
“It is exciting to see consumers and businesses actively participating in economic activity despite the challenges posed by the pandemic.”
Chief executive of FNB merchant services Thokozani Dlamini says it is encouraging to see merchants embracing new ways of shopping and accepting payments.
“During this year’s Black Friday, we recorded a peak of 490 transactions per second, an improvement compared to 2020 and on par with volumes processed in 2019.”
Standard Bank saw contactless payments increase by 100% compared to Black Friday last year.
“It is great to see that our customers have embraced innovation and have adopted contactless payments to transact seamlessly,” says Nelisa Zulu, head of card and payments at Standard Bank.
Total Standard Bank card transactions for Black Friday increased by 17% year-on-year, while the average value of transactions increased by 13% and transaction volumes of up to 460 transactions per second were recorded.
Black Friday also saw a 61% increase in virtual card transactions at Standard Bank, an increase of 28%.
Online payment gateway PayFast recorded 34% more online transactions than last year, with a 30% increase in total purchase values overall, as well as a 30% increase in new buyers.
“Over the past two years, con
sumers have become accustomed to the convenience offered by online shopping, especially when it comes to digital bargain hunting,” says Jonathan Page, head of technology at PayFast.
Its average basket size was R1 208.
Electronics were still a focus on Black Friday, with a 120% increase in value, indicating shoppers’ willingness to spend more on big-ticket items like TVs, appliances and consoles.
Despite shops offering special prices over the whole month, e-commerce activity spiked on Black Friday between 9am and 10am, with many shoppers already shopping just after midnight.
R2bn is the amount spent by FNB customers on Black Friday last week.