A Standard Bank customer spent R450,010 in one transaction on Black Friday this year, while another managed to process 79 transactions during the sales.
Further data revealed that FNB saw Black Friday spending increase by 19% this year, while Standard Bank noticed a rise of 17% in transactions during the sales event.
The average value per Standard Bank transaction rose by 13% over the same period in 2020.
In addition to sales growth, Standard Bank said that the use of contactless payments more than doubled year on year.
“This feature is increasingly popular simply because it makes the process of paying with your card much quicker,” Nelisa Zulu, Head of Card and Payments at Standard Bank, said.
“We experienced no disruption and were able to seamlessly manage transaction volumes of up to 460 transactions per second.”
FNB saw transactions for November as a whole increase by 25% when compared to 2020.
“Our stats also show heightened shopping activity beyond Black Friday, with transactions for the month of November up 25% compared to the same month in 2020,” Jacques Celliers, CEO at FNB, said.
“With more shopping activity expected during Cyber Monday, we encourage our customers to continue using their eBucks to stretch their wallets as they have done over the last 20 years.”
“South African consumers have been hard-pressed in the past year-and-a-half, but we have seen an increase in volume and value spent over this time when compared to last year,” Zulu said.
“Online purchases have also seen very healthy volume increases.”
Standard Bank also observed an increase of 61% when it comes to virtual card payments. The rise in these payments translates to a 28% increase in value transacted.
Looking further back than 2020, FNB said this year’s Black Friday sales were on par with transactions processed in 2019.
“In the last three years, Black Friday has been the biggest shopping day of the year in South Africa, and we expect this trend to continue considering the effort that retailers continue to make to attract willing buyers,” Thokozani Dlamini, CEO of Merchant Services at FNB, said.
Although lockdown restrictions have eased, consumers are still tentative of large crowds, and many people are more comfortable shopping online.
This move from traditional to online retail was bolstered by the Covid-19 pandemic and the need for safer, more convenient ways of purchasing groceries and essentials, leading to significant growth for e-commerce.
According to CEO of FNB Card, Chris Labuschagne, the increased spending this year is a positive sign for South Africa.
“The recovery in spending is a sign that households are gradually finding their feet in what has been a difficult 18 months due to Covid-19 and the lockdown,” he said.
“While Black Friday is usually the peak shopping period, Cyber Monday has been equally popular in recent years.”
“As a result, we expect to see customers taking advantage of any specials on tech or digital products.”
Article written by: Myles Illidge
Photo credit: Yoco