South Africans are obsessed with discounts, Black Friday data shows
JOHANNESBURG –
A recent Nielsen survey shows that South Africans are the third most discount obsessed shoppers in the world. The tougher economy and its strain on consumers has resulted in cutting back on their discretionary spending, impacting on the volume of grocery baskets.
A recent Nielsen survey shows that South Africans are the third most discount obsessed shoppers in the world. The tougher economy and its strain on consumers has resulted in cutting back on their discretionary spending, impacting on the volume of grocery baskets.
As a result, South Africans have become obsessed with promotions, with 30% of the total volume of FMCG products in South Africa in 2018 sold at a discounted price, up from 27% in 2017.
Add to this South Africa’s current credit crisis with 56% of borrowers (both unsecured and other credit) in default, as detailed in the Differential Capital report, and you have the perfect storm for consumers taking full advantage of the discounted shopping of Black Friday 2019.
“Weak economic growth in South Africa has forced consumers to become more cost conscious across all purchase categories. This heightened attention to price has turned South Africans to search harder and longer for bargains, which in turn fuels the increased demand for Black Friday discounted deals,” Derek Cikes Commercial Director at payment fintech Payflex said.
Source: iol.co.za
