Zuko Komisa
- South African consumers demonstrated a significant surge in spending during the Black Friday period, with transaction volumes rising by 6.6% and total spending value increasing by 6.8% year-on-year, according to Standard Bank data.
- Credit card usage climbed sharply by 12.2%, and the period was capped by an “explosive” 20% spending surge on Cyber Monday.
- Shoppers are rapidly embracing e-commerce, with the share of online transactions nearly doubling and digital wallets now accounting for 11% of the total spend value.
South African consumers demonstrated a significant surge in spending during the recent Black Friday period, reflecting an evolving shopping landscape and a potential return of confidence, according to new data from Standard Bank.
The data reinforces a strong return of consumer appetite for and access to credit, with credit card usage climbing by 12.2% during the period.
The deals weekend extended well beyond Friday, culminating in an “explosive” 20% spending surge on Cyber Monday.
Shoppers were making “bolder swipes,” including notable single transactions such as an R864,000 furniture purchase and an international hotel booking worth R734,000.
Kaya Biz with Gugulethu Mfuphi spoke to Tumelo Ramugondo, Head of Credit at Standard Bank, who confirmed that retail customers showed a marked increase in both volume and value. Overall transaction volumes rose by 6.6%, with the total spending value increasing by 6.8% year-on-year.
Listen to the full conversation here:
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