Responsible spending during Black Friday is the focus of this edition of 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 Black Friday sales will outstrip last year’s, which were hit by Covid-19.
But as retailers look for record sales, consumers need to be careful that their hard-earned rands are not spent frivolously.
Join the discussion:
Ochse says while it is a good time to shop around for a bargain or two, it is also 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 an opportune time to buy something one has had one’s eye on for a while, at a bargain price.
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 vs continued pressure on consumer pockets, tips for navigating Black Friday and an outlook for consumer spending in the coming year.
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• Business Day Spotlight is a TimesLIVE Podcasts production.
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