Record-breaking sales over Black Friday gave the South African economy a much-needed boost in November 2019, according to BankServAfrica.
The BankservAfrica Economic Transactions Index (BETI) for November was 129 – a major improvement on the previous month’s 127.7.
“The BETI recorded the highest ever number of transactions of 104.8 million in November,” said BankServAfrica Head of Stakeholder Engagements Shergeran Naidoo.
“This was only lower than December 2018’s figure.”
“The Black Friday shopping campaign has paid off for the South African economy,” Naidoo added.
“The year-on-year growth experienced in the BETI may have only come in at 0.4% but it was a positive change in trend from October’s decline of -0.5% year-on-year (the -0.7% for October 2019 was adjusted upwards due to the lower than expected inflation).”
According to the data, there was a 36% increase in card transactions compared to the same period last year, with the average value per transaction being R8,843.
“It seems Black Friday spend was not limited to consumers and their spend – it extended to the entire value chain of marketing and advertising, importers, manufacturers, wholesalers and retailers,” said Naidoo.
“The Black Friday and Cyber Monday shopping campaigns are changing the seasonality of the economic cycle in South Africa at present.”
BankServAfrica noted that the current load-shedding may stunt economic activity in December, however, derailing any hope of overall economic growth in the final quarter of the year.