Black Friday this year still had many South Africans spending big with the average spend on the day amounting to R1 243 but what is interesting to note is where folks spent their money.
Data from Yoco has revealed that SMEs won big this Black Friday with card transaction volume 46 percent higher than a pay-day Friday.
This trend continued through the weekend according to Yoco co-founder and chief executive officer, Katlego Maphai.
“In addition to the increase seen in overall volume on Black Friday, small businesses experienced significant surges of more than 40 percent in turnover across Saturday and Sunday on Black Friday weekend when compared to a standard end-of-month weekend,” Maphai said in a statement.
SMEs in the retail sector saw the biggest growth with in-store transactions growing 35 percent year-on-year. This is interesting as it reveals that shoppers may feel more comfortable shopping at smaller stores than going into malls. With the pandemic still very much happening, this makes sense.
Unfortunately, the good news ends there.
Many sectors are still reeling from the lockdown imposed this year. Sure, things have eased up slightly but for those in the Food and Drink sector, Yoco reports numbers remained flat over Black Friday.
Worse still, the Western Cape had the slowest Black Friday in South Africa likely due to tourism being impacted in the province.
The takeaway here is that SMEs are becoming increasingly popular among local shoppers. With that in mind, perhaps look to SMEs for your Festive season shopping this year, we will be.
[Image – Supplied]