Press release -
Food and essential items top the Black Friday list for Discovery Bank clients
Johannesburg, 04 December 2023 – Black Friday has become a much-anticipated day as South Africans fill shopping trolleys with essential items and higher-priced items for less.
Following Black Friday, Discovery Bank looked at the spend trends and shopping preferences among its clients. “There are interesting insights around spend, payment preferences and the additional value that Discovery Miles offer to Discovery Bank clients. Our clients made full use of their Discovery Miles to boost their Black Friday savings further, spending over Ð150 million at our retail partners, using their Ðiscovery Miles to make purchases worth over R20 million,” says Akash Dowra, Chief Growth Officer of Discovery Bank.
Discovery Bank extended its usual mid-month Miles Ð-Day discounts to include Black Friday this year, offering its clients even more spending power with additional savings of up to 30% off on top of special offers from over 40 retailers in the partner network when paying with Discovery Miles.
Discovery Bank SpendTrend Black Friday edition
Black Friday boosts shopping – food and essential items were top of the list. Clients on average spent 10% more on Black Friday compared with last year.
Dowra explains, “Our analysis showed Discovery Bank clients spent, on average, 10% more on Black Friday in 2023 compared with last year. A trend we identified in our earlier SpendTrend23 report, was that people are spending more money on food and essential items. This was also the case on Black Friday, with the majority of spend being on essentials items like groceries and health products, followed by home purchases.”
Black Friday discounts increased through Discovery Miles
Discovery Bank clients received additional discounts on top of their in-store and online Black Friday savings when paying with Discovery Miles. They spent over Ð150 million to make purchases worth over R20 million.
Shopping and saving early
Discovery Bank clients started their Black Friday savings spree early. More than a third of online purchases on Black Friday were done by 09:00 in the morning.
Following the global trend of in-person shopping
Discovery Bank clients are following the global trend to shop more in stores, with 80% of Black Friday purchases made in-store in 2023 compared with 75% in 2022.
Online baskets were filled more than trollies
The average transaction value of online purchases was double that of in-store purchases and increased by 18% in value from 2022. The average value for in-store purchases decreased by 5% from last year.
Using the latest payment technologies and virtual cards to tap and save
Discovery Bank clients embraced paying with smartphone and wearable devices linked to digital wallets like Apple Pay and Samsung Pay. More than a third of in-store payments were made with a smartphone or wearable device.
Dowra says, “The trends we see through our clients’ shopping and payment choices, assist us to meet and exceed their expectations around convenience. This, in addition to the extra value offered through spending Discovery Miles, ensure we give our clients the best experience and value when they use their Discovery Bank facilities and rewards.”
About Discovery Bank
Discovery Bank is part of Discovery Limited, a financial services organization that operates in the healthcare, life assurance, short-term insurance, savings and investment and wellness in over 40 markets. Discovery Bank is fundamentally designed differently through its shared-value model. Clients create value as they manage their money well that Discovery Bank shares back with them through better interest rates, deep discounts and significant rewards. The overall outcome is that clients experience greater financial wellbeing, it reduces the risk of defaults for Discovery Bank making the business more sustainable, and it addresses large-scale challenges, such as increased savings, that benefit society at large. Behaviour change and rewards are enabled through Vitality Money, an AI-Powered programme on the Discovery Bank app that which gives clients an understanding of behaviours that influence their financial wellbeing and how to manage their money. The better clients do, the higher their Vitality Money status and the greater the value they receive.
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