Due to rising costs and stagnant economic growth, many consumers are eager for opportunities to stretch their budgets and are therefore they are turning to Black Friday discounts.
Over the past year, rising fuel prices and global uncertainties have led to major increases in the costs of key items, with inflation having an impact on food and household products dramatically.
Food inflation has increased from under 3% in 2019 peaking at 4.7% in 2022, impacting essential categories like:
– washing powder (26.8%)
– dishwashing products (13.6%)
– staple foods such as vegetables (7.4%), fruit (4.5%), and bread & cereals (4.3%).
While inflation appears to be stabilising, consumers continue to struggle with high prices for groceries and other necessities.
This means that this Black Friday, many shoppers will once again shift their focus from buying luxury items to essential household items.
This trend was observed last year as purchasing Capitec data showed that in 2023 consumers prioritised buying groceries over electronics and luxury goods in their holiday shopping plans.
According to social e-commerce market SOLshop, Black Friday, shoppers are increasingly turning to social-commerce platforms to find deals on everyday items.
SOLshop has experienced growth in user engagement, with a 67% increase in monthly unique buyers from January to October 2024, reflecting ongoing year-on-year and month-on-month traffic growth.
Gys van der Westhuizen, Head of Business Development, SOLshop said: “In an economic environment characterised by ongoing low growth and high inflation, it’s clear why consumers are increasingly interested in our platform’s ability to provide significant savings on everyday essentials.”
“Consistent low prices offer a beacon of hope during these challenging times.”
The top selling categories for SOLshop include oils, rice, toilet paper, household goods, coffee, tea, and grains.
IOL Business