As South Africans prepare to hit the shopping malls this Friday, experts have advised them to pay attention to Black Friday deals and avoid falling prey to retailers’ tactful advertising.
Consumers are expected to flood retail outlets to get a slice of the Black Friday pie.
After a tough financial year, CEO of the South African Savings Institute Gerald Mwandiambira says consumers should avoid plunging deeper into debt.
“Saving on items you would normally buy. We all know how much food prices have gone up. I would try and stock up on food and try to save it for the festive period and holidays. Especially with the rising cost of living, this year you need to shop wisely, especially around food. Another tip is if you haven’t really saved for it – don’t do it. With more South Africans cash strapped at the moment, it’s not a good idea to splurge on impulse spending because you will definitely regret it.”
Tough times ahead
The institute also says before splurging on unnecessary items, it’s important for consumers to remember that there are tough economic times ahead.
Mwandiambia says South Africans can expect the price of basic items to increase along with interest rates in the coming months.
He says, “If you are an impulse shopper that just enjoys the energy around Black Friday, rather shop for needs, shop for food, school uniform – focus on needs. In terms of the economy, petrol prices are going up significantly in December. We haven’t seen the worse yet in terms of the economy. There are still six to 12 months more months where we need to tighten our belts. Interest rates might still go up by 50 to 100 basis points in 2023.”
In the video below, Credit Ombudsman’s Senior Legal Advisor, Avitha Nofal, provides consumers with financial advice for Black Friday: