ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home Business

Can consumers hold out against Black Friday hype and cultivate a long-term savings mindset?

The more popular idea is that Black Friday describes how retailers capitalised on the opportunity to turn their balance sheet from red to black. Whatever version one relies on, Black Friday has come to dominate November all around the world, including here.

in Business
Reading Time: 2 mins read
0 0
0
Can consumers hold out against Black Friday hype and cultivate a long-term savings mindset?
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

The term Black Friday has a varied history: Some claim it was first used in 1950’s USA to describe the high number of employees who called in sick the day after American Thanksgiving. Others say it became a popular phrase in the 1960s when the American police invoked it to describe the annual traffic chaos that the day produced.

Should this annual shopping frenzy targeting cash-strapped consumers be promoted? Or should saving over spending be encouraged? The black swan event of Covid-19 has created challenging conditions for South African retailers and shoppers alike. Many have been put under financial duress because of retrenchments, salary reductions, businesses closing and wholescale industries facing economic ruin.

Rael Demby, CEO of The South African Gold Coin Exchange & The Scoin Shop reflects that “our economy requires stimulation and regrowth especially after a year plagued by the pandemic and the effects of restrictions. Black Friday is an opportunity for anyone in the business of selling and is a precursor to the festive season in general. However, spending has to be balanced with saving. We can’t ignore that many people are battling. An important lesson from 2020 is that having a nest-egg of Krugerrands has been a life-line for savvy savers, and reinforces the necessity of saving.”

As a nation, we have an extremely poor savings culture, especially when compared to Asian Tigers like Taiwan, Singapore and South Korea. This year many South Africans have had to dip into whatever savings they had to cover their basic expenses, and a high debt-to-savings ratio is a further burden. Demby adds “We can’t ignore that many people are battling. From paying school fees to making bond payments”.

Iron-clad willpower is required to withstand all the hype and perceived bargains to be had during relentless Black Friday promotions. It takes a tough consumer to resist all the shiny discounted gadgets and instead focus on the critical imperative of saving. Achieving financial security is a marathon, not a sprint, and one way to generate incremental savings over a period of time is to invest in gold coins and collectables.

More

Nigeria accelerates economic transformation with key reforms and signs of recovery

Rwanda combines youth innovation and circular economy to build a resilient nation

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

Demby adds “ It is encouraging to see continued, strong interest in gold bullion and numismatics. This demonstrates a desire to save and invest. People are buying gold and silver not only as a saving strategy but also as a hedge against elevated risk in the financial markets. Buyers of physical precious metals are motivated by the fact that gold and silver offer a safe store of value, are a currency hedge, combat inflationary concerns and are moveable.”

Source: iol.co.za
africanian

africanian

  • Trending
  • Comments
  • Latest
Rwanda combines youth innovation and circular economy to build a resilient nation

Rwanda combines youth innovation and circular economy to build a resilient nation

July 3, 2025
7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

7 Tracks, 1 Future: AfriLabs Annual Gathering 2025 Sets the Stage for Africa’s Innovation Renaissance

June 25, 2025
Weather in South Africa: Climate and Seasons

Weather in South Africa: Climate and Seasons

August 25, 2020
Lesotho increases blood collection by 70% between 2017 and 2024

Lesotho increases blood collection by 70% between 2017 and 2024

July 8, 2025
Nigeria accelerates economic transformation with key reforms and signs of recovery

Nigeria accelerates economic transformation with key reforms and signs of recovery

July 7, 2025
RevUp Women Initiative Launches Nigeria Edition at Lagos Startup Week 2025

RevUp Women Initiative Launches Nigeria Edition at Lagos Startup Week 2025

July 5, 2025
Twitter Instagram Youtube Facebook
No Result
View All Result

Africanian News

Is a dedicated project aimed at amplifying the voices of the African Ecosystem and Diaspora. We actively collaborate with initiatives to improve access to education and digital inclusion, both in traditional schools and through digital platforms, for African children.

It’s crucial to emphasize that none of the articles or images featured on our platform are intended for copyright infringement, neither now nor in the future. If you believe that any information, text, image, etc., may be subject to copyright and should be removed, please notify us by sending an email to [email protected]

Your dreams matter; your stories matter.

Feel free to explore collaboration opportunities with us. Share your articles, thoughts, interviews, experiments, or no-comment videos by reaching out to [email protected]. You can also subscribe to our mailing list to receive the latest updates from Africanian News.

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2024 Africanian News: From Africa, by Africans, for Africa, and friends of Africa.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.