Even Santa Claus couldn’t resist the allure of Black Friday and Cyber Monday sales, as Australians are projected to spend a record-breaking $6.7 billion (US$4.3 billion).
Australians are gearing up to splash out $6.7 billion over the course of four days during the Black Friday and Cyber Monday sales leading up to the holiday season.
With rising wages and stable interest rates, consumers are expected to indulge in shopping sprees at various retail establishments nationwide, marking a 5.5 percent increase from the previous year’s figures.
The National Retail Association (NRA) and Australian Retailers Association, in collaboration with Roy Morgan, have forecasted this multi-billion dollar spending spree.
“This year’s Black Friday sales are breaking records, and we anticipate a surge in consumer spending,” stated NRA interim CEO Lindsay Carroll.
“With no interest rate hikes and higher wages, savvy shoppers can take advantage of significant discounts during this festive trading period.”
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During a David Jones promotion in downtown Brisbane, Santa Claus was seen browsing through sales and inquiring about children’s wishlists.
“This year, Bluey and Lego are popular choices. But definitely Bluey,” he remarked.
“Merry Christmas.”
Black Friday sales are poised to surpass Boxing Day sales, establishing itself as the premier weekend for shopping.
The sales frenzy holds significant importance for retailers after a challenging year in the industry, as stated by Retailers Association Chief Industry Officer Fleur Brown.
“Our research indicates that one in four shoppers will utilize this sales event to save money on gifts, underscoring that while Australians are exercising caution in their spending habits, they also aim to embrace the holiday season by pampering their loved ones,” Brown explained.
“There’s no denying that Black Friday/Cyber Monday will play a crucial role in this year’s six-week peak season trading period, during which retailers anticipate earning up to two-thirds of their annual profits.”
