South African consumers showed a significant rebound during this year's Black Friday, with spending surging across all seven days, according to data from Ecentric Payment Systems. The report revealed year-on-year increases in transaction volumes, with a remarkable 112% growth in purchases on Tuesday and a 32% rise even on Cyber Monday, despite a 0.3% contraction in GDP for the third quarter of 2024 reported by Stats SA.
South Africa n consumers ‘bounced back’ during this year’s Black Friday with spending surging across all seven days, writesData from Ecentric Payment Systems ’ real-time tracking tool revealed year-on-year increases in transaction volumes.
The numbers showed a remarkable 112% in growth in purchases on Tuesday, while even Cyber Monday, the slowest day, saw a 32% rise in spending. This retail rebound comes amid sobering news from Stats SA, which reported a 0.3% contraction in GDP for the third quarter of 2024. Household consumption barely grew, up just 0.5%, making Black Friday’s strong performance a welcome surprise forEcentric, which processes 20% of the country’s card transactions and serves 65% of JSE-listed retailers, providedBlack Friday itself saw a record 2 185 transactions per minute, with a peak of 133 transactions per second .
South Africa Black Friday Spending Growth Ecentric Payment Systems GDP Contraction
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