Black Friday: Record spending and foot traffic in South Africa for 2023

Standard Bank News

Black Friday: Record spending and foot traffic in South Africa for 2023
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Black Friday 2023 marked a turning point in South African shopping habits, with record-setting foot traffic and a significant surge in consumer spending.

Grocery shopping accounted for 27 percent of all spending during Black Friday weekend in 2023, according to Standard Bank . Picture: Tracey Adams / IOL Newsdata from Standard Bank and Liberty Two Degrees showed that 2023 saw the highest spending on Black Friday weekend and record foot traffic.

Another trend that is on the rise is consumer spending on experiences where spending on holiday packages and entertainment has increased. “In contrast, holiday and entertainment categories have lower volumes but higher spending, suggesting that consumers who can afford such save throughout the year for Black Friday deals on their dream vacations,” Ramugondo said.

Jonathan Sinden, COO, L2D said: “Customer spending reflects the same trend. In 2023, December saw a strong rebound, reaching its highest level in five years and surpassing pre-pandemic 2019 levels.” These events were designed to promote online shopping and encourage consumers to embrace buying on their computers - something we take for granted today.

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