.jpg)
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.
The Albanese Government has delivered a Budget that reshapes the investment landscape for Australian households. Here are the changes that matter.
As EOFY approaches, increased financial activity creates opportunities for scammers using urgency and confusion to target individuals and businesses. Common scams include fake ATO messages, phishing emails, invoice fraud, and too-good-to-be-true investment offers designed to steal money or personal information. This article outlines key warning signs and simple steps to help protect your finances and stay safe during this busy period.
Moving a loved one into aged care involves emotional decisions alongside complex financial choices, particularly around what to do with the family home. Selling the home can impact Age Pension entitlements and aged care fees, but with careful planning, the proceeds can be used to improve cash flow and manage costs effectively. This article explains key options and highlights how the right advice can help protect financial outcomes and reduce stress during the transition.
Stay in the know with the latest updates, insights, and exclusive content delivered straight to your inbox.
