Even Santa Claus couldn’t stay away from Black Friday and Cyber Monday sales, with Australians expected to splurge a record $6.7 billion (US$4.3 billion).
Australians are set to spend a whopping $6.7 billion over four days in Black Friday and Cyber Monday sales ahead of the festive season.
Fuelled by higher wages and no rate rises, shoppers are expected to splurge at retail outlets across the country and to mark a 5.5 percent increase on figures from 2023.
The National Retail Association (NRA) and Australian Retailers Association in partnering with Roy Morgan have predicted the multi-billion dollar spree.
“This is a record breaking year for the Black Friday sales, and we expect people to be spending more this year,” said NRA interim CEO Lindsay Carroll.
“We’ve had no rate increases, people are enjoying higher wages which means savvy shoppers can take advantage of great discounts this Christmas trading period.
At a David Jones promotion in downtown Brisbane, Santa Clause was spotted looking at sales and asking children what’s on their wishlist.
“Bluey is popular this year. Lego as well, but definitely Bluey this year,” he said.
“Merry Christmas.”
Black Friday sales are also set to eclipse the Boxing Day sales, moving up as the premiere weekend for shopping.
The sale blitz is an important event for retailers following a challenging year in the sector, Retailers Association Chief Industry Officer Fleur Brown said.
“Our research shows that one in four shoppers will be using this sales event to save money on gifts, highlighting that while Australians are being more cautious with their spending, they also want to embrace the festive season and spoil their loved ones,” Brown said.
“There’s no doubt that Black Friday/Cyber Monday will be an integral part of this year’s six-week peak season trading period where retailers look forward to making up to two thirds of their annual profit.”
