JOHANNESBURG – Low consumer confidence in the face of soaring fuel prices, weak wage growth and a weaker rand-dollar will have a bearing on this year's annual Black Friday retail day on November 23, market research institute GfK said on Tuesday.
South Africa, like several other countries, has adopted "Black Friday", the informal name for the day following Thanksgiving Day in the US, the fourth Thursday of November, which is regarded as the beginning of the country's Christmas shopping season.
GfK South Africa commercial head for market insights Kali Moahloli said retailers would be hoping for a repeat of last year’s success, which was the strongest Black Friday to date for consumer electronics sales in the country.
GfK point of sale data shows that panel television unit sales climbed by 47 percent and smartphone unit sales increased by 63 percent during the week of Black Friday 2017 compared to the same week in 2016.
"(But) with a soaring petrol price, poor gross domestic product (GDP) and wage growth, and a weaker rand-dollar exchange rate, consumer confidence is low in South Africa," Moahloli said.