This is what Discovery Bank customers spent their money on during Black Friday
Discovery Bank has released its spend report from this year’s Black Friday event which provided real-time insights into Black Friday spending trends using our client data.
Discovery said that their clients made the most of their spending and savings during Black Friday.
Discovery Bank said its total card transactions rose 37% from 2023, with online purchases increasing by 46%.
“Compared to a typical last Friday of the month, total in-store spending increased by 50%, while total online spending surged by over 150%,” the bank stated.
Higher spend when online
The average online basket size (R949) was almost double that of in-store (R509), showing a preference for big-ticket items online.
The online share of total spend has increased slightly, now accounting for 30% of all purchases, Discovery Bank said.
Takealot dominated online sales, with international players like Temu and Shein experiencing strong growth.
The bank further said that it saw an increase of their customers using smart devices to make payments, as it climbed to nearly 45% of in-store transactions (up from a third in 2023), with 60% adoption among under-25s and more than 65% growth among over-60s.
“Virtual card use doubled for both online and in-store, indicating increased awareness of its benefits, with clients embracing the increased security and convenience when transacting,” Discovery said.
Food and drink, recreation, and home goods dominated Black Friday spend.
However, clothing ranked as a top three spend category amongst under-25s. Growth in online spending on appliances, electronics, home, and clothing outpaced in-store growth.
The bank said their clients redeemed nearly 230 million Ðiscovery Miles (+50% from 2023), with a total redemption value of more than R30 million.
Spending was 30% higher than the average monthly Miles Ð-Day activity, as clients enjoyed additional Ðiscovery Miles savings along with Black Friday discounts.
Below is a snapshot of the bank’s spend report:
BUSINESS REPORT