CAPE TOWN – Deeply indebted consumers should think long and hard before plunging themselves even deeper into debt by splurging on luxury goods on Black Friday, says Neil Roets, the chief executive of debt counselling firm, Debt Rescue.
Roets says often deals offered by major retailers seem so good that consumers throw caution to the wind and blow their entire Christmas budget on single expensive items such as high-end TVs and other domestic appliances.
Black Friday is traditionally the busiest shopping day of the year because it kicks off the holiday season. This season is crucial for the economy, especially for some retailers, such as jewelers.
Roets said retailers themselves are in deep trouble because of the contracting economy and they have come up with a host of clever ideas to tempt consumers to open their wallets and purses which is how the idea of Black Friday was born.
“Black Friday was initially slow to take off when the idea was imported to South Africa by online retailer Takealot. Once it took hold, however, it took off like a rocket ship and many traders are now notching up a significant portion of their yearly sales on this day and over the Christmas holidays,” he said.