Consumers are spending more, but will they buy more this Black Friday?
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Black Friday in 2022 might provide a fascinating insight into the state of the South African consumer as individuals begin to re-build their personal balance sheets while weighing up a global environment which is facing unprecedented social and economic upheaval.
Over the past 3 years, consumer behaviour has been largely influenced by the COVID-19 lockdowns and the “work-from-home” culture, driving spend on home improvements, online gaming and technology, and the rise of home delivery services.
Now as the world begins to return to pre-COVID habits, we are seeing a strong swing toward leisure and travel services …at least up until the point that conflict between Russia and Ukraine was the match which sparked a surge in inflation. This in turn has driven Central Banks to aggressively tighten interest rates in both Developed and Emerging Markets. Our own economic issues with unstable electricity supply and the havoc it causes for many business owners, over and above the rising fuel spend, adds a further concern regarding the finances of South Africans.
Over the past 3 years, consumer behaviour has been largely influenced by the COVID-19 lockdowns and the “work-from-home” culture, driving spend on home improvements, online gaming and technology, and the rise of home delivery services.
Now as the world begins to return to pre-COVID habits, we are seeing a strong swing toward leisure and travel services …at least up until the point that conflict between Russia and Ukraine was the match which sparked a surge in inflation. This in turn has driven Central Banks to aggressively tighten interest rates in both Developed and Emerging Markets. Our own economic issues with unstable electricity supply and the havoc it causes for many business owners, over and above the rising fuel spend, adds a further concern regarding the finances of South Africans.
