Black Friday 2024 sees record surge in sales, but theft remains a significant concern

As South African consumers threw themselves into the shopping frenzy of Black Friday 2024, disposable income did not appear to dwindle, despite broader economic concerns. The Ecentric 2024 Black Friday Index has reported an impressive 30.4% increase in total transactions over the Black Friday weekend, representing a staggering 10% of total holiday period transactions. However, this surge in consumer spending brings an unveiled peril: an increase in theft.

Historically, Black Friday has seen an average rise in theft claims by approximately 8% each year, according to Budget Insurance. Surprisingly, 2024 marked an anomaly, as claims for goods-in-transit (GIT) theft decreased. Experts attribute this drop to a shift by retailers towards more in-store promotions that encourage shoppers to visit brick-and-mortar locations rather than shop online, thus reducing the risk associated with delivery theft.

The types of items often at risk around this time include high-value electronics such as smartphones, televisions, and gaming consoles, alongside portable possessions like headphones and smart wearables. With these attractive bargains on the table, consumers are reminded that while Black Friday may offer significant savings, it is essential to stay vigilant against the 'unseen cost' of theft.

“As South African consumers and businesses prepare for Black Friday sales and savings, it is crucial they remain vigilant, as theft is the real unseen cost of Black Friday — much more than the supposed sales that may merely be window dressing,” cautioned Tando Ngibe, Senior Manager at Budget Insurance.

To safeguard themselves and their investments this Black Friday, consumers and businesses are advised to adopt a money-smart approach:

• Track prices before making purchases — comparing and researching can ensure shoppers are truly getting a good deal.
• Buy only what you need. The allure of tempting bargains can lead to unnecessary spending.
• Ensure adequate insurance coverage for businesses, while raising awareness among drivers about potential goods-in-transit theft and how they can protect themselves and their assets.

“While Black Friday presents great opportunities for savings for consumers and businesses alike, it can also lead to substantial financial losses that impact budgets and personal finances,” Ngibe added. “Hence, while navigating great deals out there, keep a watchful eye out for offers that seem 'too good to be true' and ensure your current possessions are well protected during this peak shopping period.”

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