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Australians have set a new record for Black Friday spending, with a staggering $6.7 billion spent over the four-day period from Black Friday to Cyber Monday.

Australians have set a new record for Black Friday spending, with a staggering $6.7 billion spent over the four-day period from Black Friday to Cyber Monday. This marks a 5.5% increase compared to the previous year.
Breakdown of Spending
The Australian Retailers Association and Roy Morgan reported that Australians spent nearly $1.2 million per minute during this shopping spree. The surge in spending is attributed to a combination of higher wages, no recent rate increases, and the appeal of significant discounts.
Key Factors Driving Sales
Cost of Living: Many Australians took advantage of the sales to manage their budgets more effectively, seeking bargains on essential and non-essential items.
Impact on Retailers
Retailers experienced a significant boost, with many reporting record-breaking sales. The peak season trading period, which includes Black Friday, is crucial for retailers, often accounting for up to two-thirds of their annual profits.
Consumer Behaviour
A survey by RateCity revealed that a large portion of shoppers used the sales to purchase Christmas gifts, with 58% buying gifts on sale. However, there were also warnings about the potential for increased debt, as many consumers used credit to finance their purchases.
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Despite significant volatility in bond yields and equities over the past quarter, major markets ultimately finished flat. This persistent tension between resilient economic activity and rising discount rates underscores the complex environment facing diversified multi-asset portfolios.
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