Miscellaneous

2023 Black Friday Forecast to be the Most Profitable in Europe and the USA.

EFSA held a meeting with BankServ and PASA on the banks’ preparedness for Black Friday in SA. This has become an annual practice. Meanwhile, we note that a Boston Consulting Group (BCG) survey has revealed that, with the rising cost of living continuing to pinch household budgets, 74% of consumers say they intend to take advantage of deals during the Nov sales events this year—an increase of 7% versus 2022. The research examines the spending plans of more than 7,000 consumers across 7 markets – Australia, Canada, Germany, Switzerland, Poland, UK, and US.

It found that US consumers plan to spend the most ($460), followed by Switzerland ($390), and Germany ($385) over the course of this Black Friday, Cyber Monday, and Singles’ Day. The 2023 Black Friday consumer sentiment survey, average spend is expected to exceed 2022—in some countries, by as much as 22%. This record consumer spending, while partially driven by year-over-year inflation, also reflects a growing focus on deal hunting as consumers shift December holiday shopping to November to benefit from bargains.