Faizel Patel, Radio Islam News – 19-11-2019

(Twitter: @FaizelPatel143)

With Black Friday just more than a week away, a journalist with Business Insider says South Africa has become the fastest country to adopt the day of frenzy.

Black Friday is an American tradition of massive retail shopping sales where goods, especially electronics are usually sold at discounted prices.

The day is also an opportunity for retailers to offer so-called deep cut deals to consumers who may not really need anything.

Speaking to Radio Islam, Business Insiders Andrew Thompson says retailers are under pressure from suppliers to use Black Friday as a means to move stock that is obsolete.

“One of the big reasons is to get rid of stock. It’s not necessarily damaged or unusable stock. But its stock that’s old. Suppliers want to sell the newer stuff at the end of the year.”

Thompson says while South Africans are facing a tough economic climate, they still succumb to the Black Friday craze.

“The one bit of advice that most financial planners would give is to focus on what you need rather than what you want and not over exert yourself.”

Last year there were stampedes at some retailers with people getting hurt as they fought over discounting items on sale.

Listen to the interview with Andrew Thompson