Host Mudiwa Gavaza is joined by Ester Ochse, product head for FNB Money Management
Consumers shop for Black Friday specials in November last year. Picture: GALLO IMAGES/SUNDAY TIMES/ESA ALEXANDER
Responsible spending during Black Friday is the focus of this edition of the Business Day Spotlight.
Our host Mudiwa Gavaza is joined by Ester Ochse, product head for FNB Money Management.
Retailers around the world, and in SA, have been advertising low prices, discounts, savings and specials as Black Friday approaches this week. While some focus on that one day, others have turned November into a month of sales and specials.
The sector is looking to festive season shoppers to make back some lost ground, with BankservAfrica predicting that Black Friday sales are likely to outstrip last year’s that were hit by the Covid-19 shock.
But as retailers look for record sales, consumers need to be careful that their hard-earned rands are not spent frivolously during this time.
Ochse says while it is a good time to shop around for a bargain or two, it is also very easy to get caught up in the hype and fall into the trap of overspending, highlighting that “the festive season spirit is starting to take hold”.
However, it can be a good time to get a great bargain and buy something that one has had one’s eye on for a while.
She offers the following tips to help bring order to the mayhem: defining a budget; making a list of what’s actually needed; doing extensive research before spending; making use of loyalty or rewards programmes; investigating warranties and return policies; and shopping safely in the face of growing cybercrime in SA.
Topics of discussion include: the evolution of Black Friday and festive season shopping, the tension between retailers trying to recover the losses of the pandemic versus continued pressure on consumer pockets, tips for navigating Black Friday, and an outlook for consumer spending in the coming year.