South Africans have been making use of the decreased price of products this Black Friday – with one customer spending close to a quarter of a million rand.
In spite of the challenging economic environment – characterised by intense load shedding, high interest rates and growing inflation, South African consumers are spending big money to take advantage of deals.
According to the payment platform Payfast, one South African already spent R234,448 in a single online purchase, whilst the smallest transaction of the day was valued at just R5.
As of 12:00 pm today, the average basket size in South Africa is R1,633.
Payfast said that it saw a spike in transactions between 7:00 am and 9:00 am as consumers raced to get their online orders done before the best deals were gone.
“Despite battling to make ends meet during the month, many consumers have saved up for today, specifically to splurge on items they wouldn’t otherwise spend their money on,” said David Adams, Chief Commercial Officer at Payfast.
Those who approached the day with a plan and a strategic wish list are likely the same people who made their purchases first thing this morning and have reaped the benefits of Black Friday.”