South African Banks Reveal Black Friday Big Spenders, Shopper Spent R695k in One Transaction

• South Africans spent more cash during Black Friday this year than they did during last year's discount event
• One shopper spent more than R600 000 in a single transaction while another shopper bought a total of 70 items on Black Friday
• Banks have reported that consumers spent their money on groceries, home improvements, petrol amongst other things

JOHANNESBURG - South Africa's top banks have reported that this year's Black Friday that took place on 26 November saw an increase in spending in comparison to the previous year.

Some South Africans made some big purchases while others opted to buy a large number of products on that day despite concerns that the Covid19 pandemic will be a damper on spending habits.

A Nedbank customer made the biggest single transaction purchase in South Africa on the annual discount day and spent a total of R697 236.15 while a Discovery Bank customer bought a total of 70 items on Black Friday, reports MyBroadband.

Read also

Explosion of 8 561 new cases of Covid 19 in just 24 hours

A customer at Discovery Bank came in second and paid R614 000 in a single transaction. A First National Bank came in third and paid R500 000 while Absa and Standard Bank customers came in fourth and fifth spending R456 512 and R450 010 respectively.

When it comes to the number of items purchased on Black Friday a customer from FNB bought a total of 64 items, coming in second place and a Nedbank customer bought a total of 58 items followed by an Absa customer who bought 45 items.

Sales went up on Black Friday

FNB reported that its customers spent 15% than they did during Black Friday in 2020. In total, cardholders spent a total of R2.5 billion, reports BusinessInsider. The bank says it processed over R2 billion in transactions from its terminals.

Read also

Game's Vax Appreciation Wednesday is back, companies offering vaccine incentives including R100k in cash

Nedbank says it saw an increase of 25% in spending on Black Friday while Absa says it saw an increase of 20%.

What South Africans spent their money on

Absa reports that customers spent their money on groceries, home renovations, clothing and petrol while FNB cardholders spent their money on groceries, entertainment, clothing and transportation.

Mzansi dismayed by latest unemployment rate, over 12 million people are now jobless

In other Business-related news, Briefly News previously reported that Statistics South Africa has released the latest unemployment stats of the third quarter and has revealed that the unemployment rate has increased by 0.5%, placing it at 34.9%.

The new stats mean that 12.5 million South Africans are currently without work.

The expanded unemployment rate, which includes job-seekers is sitting at an all-time high of 46.6%. South African's unemployment rate is the highest among 82 countries that are being monitored by Bloomberg, according to MoneyWeb.

Source: Briefly News