Data from a live ticker dashboard which tracked the spending of Discovery Bank clients from midnight on Friday, 29 November to 11pm that same day shows that Woolworths won the lion’s share of Discovery Bank customer spend among physical retailers, beating Checkers and Pick n Pay, which placed second and third respectively.
When it comes to online shopping, however, Takealot topped the list of merchants in customer spending. Another local brand, Checkers Sixty60, came in second place, while Amazon South Africa came third.
Discovery Bank data shows that, on average, its customers used 25% of their total spend on food and drink, compared to 13% allocated to recreation, 11% to homeware, 11% to transport and travel, and 9% to health and personal care.
The largest single transaction by a Discovery Bank client totalled R400 200. On average, customers shopping online showed a tendency to spend more than those shopping in-store. Discovery Bank said average online spend at R935/person was nearly double the comparative figure for physical stores at R513.
There was not much variation in average spend per person based on whether they live in Cape Town, Durban, Johannesburg or Pretoria, especially online. However, there was marked variation in spending based on age group.
The youngest cohort in Discovery Bank’s segmentation – those under 25 years of age – spent an average of R274 each in physical stores and R479 online on Black Friday. By contrast, the oldest cohort – those aged 61 years and up – spent an average of R735 each in physical stores and R1 506 each online.
Overall, Discovery Bank customers spent more in 2024 than they did last year, with the number of purchases peaking from around 10am and maintaining high levels throughout the afternoon, both in-store and online.
Record-breaking start
Data from Absa showed a similar uptick in sales compared to 2023.
“Absa experienced a record-breaking start to Black Friday 2024, reporting a remarkable 20% increase in transactions compared to the same period in 2023. By 8am, this year’s transaction volumes had already surpassed last year’s performance,” Absa said in a statement.
The largest purchase by an Absa client on Black Friday was R638 000, which occurred during peak sales volumes at around 11am. It didn’t say what was bought. Absa said a 26% year-on-year increase in card transactions coincided with a 16% jump in cash withdrawals year on year, reflecting heightened consumer demand for cash on Black Friday.
Read: Black Friday 2024 boost for South African retailers
Payments clearing house BankservAfrica described the activity levels on Black Friday as “marginally higher” than 2023’s, with transaction volumes 6% higher.
“Shoppers kicked off their Black Friday deal-hunting at midnight, with volumes up by 75% compared to the same time on Thursday, but 11% down from Black Friday 2023. Activity ramped up from 6am, and by 10am, volumes were 79% higher than the same time on Thursday. Online activity peaked between 9am and 10am,” BankservAfrica said in a statement.
Its data showed South Africans were more leisurely about their Black Friday shopping in 2024 versus 2023. Along with midnight deal-hunting, afterhours shopping also took a dip, with transactions levels 8% lower year on year. “With several factors at play, including pay day weekend, this year’s Black Friday was one to watch out for.”
This perspective was corroborated on the logistics front by Bob Group MD Andy Higgins, who said the last-mile delivery specialist saw a 20% increase in the number of orders it has been requested to deliver between Friday and 2pm on Monday. He explained that as a logistics specialist, much of the frenzy from Black Friday and the weekend will carry over to Bob Group for fulfilment through the rest of the week as retailers process their backlogs.
Read: Naspers boss says group to ‘reimagine e-commerce’ through AI
“It feels like there is more positive sentiment in the market,” Higgins told TechCentral, noting that there have been changes in the products preferred by consumers. “Where historically you would see more consumer electronics dominating, from our top 20 sellers we are seeing more lifestyle goods such as clothing, apparel and beauty products.” — © 2024 NewsCentral Media
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