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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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