Discovery Bank SpendTrend Black Friday edition

Black Friday has become a much-anticipated day of filling shopping trolleys with essential items and higher-priced items for less. Everyone has a Black Friday wish list and with Discovery Bank offering an additional discount of up to 30% off on special offers across over 40 of our retail partners when paying with Discovery Miles, many wishes came true this Black Friday.

We love knowing that you get the best value from your Discovery Bank facilities

It's important to know that your shopping experience is convenient and rewarding. Our SpendTrend23 Report has identified some key trends around shopping and payment choices, and, following Black Friday, we compiled some interesting insights around spending preferences over this period.

"We saw that clients made full use of their Discovery Miles. They spent 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.

Key insights on Black Friday shopping and payment methods

• The analysis showed Discovery Bank clients spent, on average, 10% more on Black Friday in 2023 compared with last year.
• 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.
• Clients followed the growing global trend of people returning to visit shops, with 80% of purchases made in-store compared with 75% in 2022.
• 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.
• 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.

A trend identified in the 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.

Dowra says, "Understanding shopping and payment choices, assists us to exceed expectations around convenience. This, in addition to the extra discounts offered through Discovery Miles, ensure we give our clients the best experience and value when they use their Discovery Bank facilities."

View the Black Friday trends here: