CONSUMER INSIGHTS | NOVEMBER 2023 Is it time to reimagine Black Friday in the African context? Absa | Corporate and Investment Banking > Insights and Events > Is it time to reimagine Black Friday in the African context? SHARE Consume This, CGS Monthly: Volume 3, Black Friday 2023 The latest edition of the Consume This newsletter is here and this time, we are unpacking how the relationship between African consumers and consumer events has taken a turn. In the last 18 months, the financial health of the average consumer on the African continent has been under pressure from rising inflation, fuel and electricity, and increasing interest rates from policymakers. In this edition of Consume This, we delve into how this has affected consumers. While interest rates rise, we have seen a shift in how consumers shop for fast-moving consumer goods. 34% of consumers buy whichever brands are on promotion, while 46% focus on essentials. Data also shows us that 40% of South African consumers shop at discount stores more often. Your browser does not support the video tag. We also look at Black Friday before and after COVID-19 and ask the question; are retailers innovative enough? Here are more of the insights you can look forward to discovering in this edition: What retailers are doing to help the struggling consumer? The third emerging trend we are following in eCommerce Will we see a drop in socially conscious product sales? Read the newsletter https://cib.absa.africa/wp-content/uploads/2020/07/file_example_MP3_700KB.mp3 Related Articles CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: November 2024 While Black Friday 2024 marked a modest improvement over the previous year’s dismal performance, it fell short of the double-digit growth achieved in 2022. The post-payday boost contributed to a rise in overall card spending from 3% to 6% during Black Friday 2024, despite a slight softening in transaction volumes. Read more CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: October 2024 Consume This, CGS Monthly: Volume 10. After a dip in September, card spending and transaction volumes rebounded strongly in October. This uptick can be attributed to factors such as the recent 2-pot retirement reform and overall economic improvement. This positive trend is particularly promising for this Black Friday, Cyber Monday and upcoming Festive Season. Read more CONSUMER INSIGHTS Absa’s Merchant Spend Analytics: October 2024 In an era of accelerated change, navigating the vast consumer goods and services landscape can be daunting. This newsletter forms part of a series of reports curated by industry experts, leveraging Absa internal and global data sources, as well as local research across the consumer goods and services sector to bring you the latest insights and trends. Read more
