As Black Friday unfolds today, Debt Rescue’s latest survey paints a stark picture of South Africans’ financial struggles. An overwhelming 83% of respondents plan to hunt for grocery deals, prioritising basics over luxury items.
Cutting Back to Keep Going
Debt Rescue’s survey further found that 66% of consumers plan to participate in Black Friday despite tightening budgets, but spending will be far lower than in 2023. Purchases will focus on essentials like food, toiletries, and clothing, with fewer resources allocated to electronics and tech. CEO Neil Roets described this shift as a survival strategy, with consumers aiming to save on necessities to ease their financial strain.
A Tough Road Ahead
Roets expressed deep concern over the pressures South Africans face, “At the risk of sounding like a broken record, it is deeply concerning that there is not enough intervention from the major food retailers nor the country’s leaders to provide any real financial relief for South Africans – especially now with citizens bravely sprinting toward the end of the year in the hope of enjoying some kind of festive cheer.”
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