Black Friday 2023 sales disappoint, and it’s not only economic factors to blame | #daitngscams | #lovescams

Bruce Whitfield talks Black Friday numbers with Evan Walker, portfolio manager at 36ONE Asset Management.

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Black Friday is traditionally the busiest shopping day of the year, also when it comes to online purchases.

But this year in 2023, consumer frenzy on 24 November eddied below expectations.

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BankservAfrica reports that there was a year-on-year decline in volume of over 6% compared to Black Friday 2022, and a drop of more than 21% in value.

In-store shopping took the biggest hit, it said.

The total volume of in-store card transactions amounted to 5.9 million, declining by 6% compared to the 6.3 million in 2022. The total value of transactions amounted to R3.1 billion, declining by 21% year-on-year from the R3.9 billion recorded.


Overall, the financial constraints faced by consumers were clearly visible in this year’s Black Friday spending patterns. We should also be mindful that levels were higher in 2022, as this was the first year immediately after the COVID-19 pandemic.


Bruce Whitfield gets comment from retail analyst Evan Walker, portfolio manager at 36ONE Asset Management.

Aside from the obvious financial constraints faced by the average consumer at this point, Walker highlighted some other problematic issues.

He feels some retailers shot themselves in the foot by messing with what should be the unique nature of Black Friday.

It’s sort of lost its allure of that one big special day when you knew you could get something good at a good price, which drove a lot of volume for the retailers. It is a tight economy as we know and everybody’s trying to get the edge in, but that edge’s just extended way beyond the jurisdiction of where Black Friday started and should end.

Evan Walker, Portfolio Manager – 36ONE Asset Management

Retailers also faced a predicament in view of the cargo backlog being experienced at South African ports right now, Walker says.

We’re going to see very constrained imports coming through… I think the retailers (are worried) they’re not going to have enough stock for the Christmas season, so why should they go ahead and discount anyway… So, I think to a large extent it’s also compounded by the ports issue, and retailers not offering the extent of the discounts we saw in the past.

Evan Walker, Portfolio Manager – 36ONE Asset Management

Listen to the interview at the top of the article

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