While a slower economy may assume a slowdown in consumer spending, stats show that this is certainly not the case when it comes to Black Friday, with the Ecentric 2024 Black Friday Index indicating that total transactions from the 2024 Black Friday weekend surged 30.4%– equating to 10% of the total holiday period transactions. But with this surge in sales, we are prone to seeing a surge in theft too!
In fact, Budget Insurance indicates that historically, claims go up by 8% [on average every year] on Black Friday. 2024 was an anomaly year marked by a decrease in goods-in-transit (GIT) theft. This was largely driven by retailers shifting toward more in-store promotions to reduce costs and encourage consumers to browse in person.
This spike relates to claims for things such as Smartphones, electronic equipment (TVs, Gaming Consoles, PCs, Dishwashers, Airfryers, Coffee Machines), portable possessions (Headphones, Smart Wearables, Clothing) and more.
”Therefore, as South African consumers and businesses ready themselves for Black Friday sales and savings, it is very important that they remain vigilant where theft is the real unseen cost of Black Friday – never mind the supposed sales that are merely window dressing,” says Tando Ngibe, Senior Manager at Budget Insurance.
This Black Friday, Budget Insurance encourages consumers and businesses to be money smart by not only protecting what they already have but by ensuring they protect their pockets:
- Track the prices of goods before you simply buy – compare and research to ensure you are actually getting a good deal!
- Make sure you only buy what you really need – as tempting as it is to buy the unnecessary.
- For businesses, make sure you are adequately insured and that you raise awareness with drivers around potential GIT theft and how to protect themselves and your assets
“Black Friday offers a great saving opportunity in some areas for consumers and businesses alike but it can also lead to significant loss which impacts budgets and people’s pockets and so, while there may be great deals out there – keep an eye out for ‘too good to be true’ offers and make sure that the items you already own are well looked after over this time,” concludes Ngibe.
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