Australians are set to bring their Christmas shopping forward this weekend to bag large bargains and offset the spiralling cost of living.
New research from the Australian Retailers Association (ARA) estimates shoppers will spend a record $6.2 billion over the four days between Black Friday and Cyber Monday.
- Aussies are expected to spend $6.2 billion over the Black Friday weekend.
- CommBank data revealed shoppers will spend an average of $482.90 this weekend.
- Pre-Christmas sales are forecast to reach nearly $64 billion.
Australian Retailers Association CEO Paul Zahra said while Black Friday sales were an American tradition, more Aussies have hopped on the bandwagon to snag good deals.
“The Black Friday sales are the biggest pre-Christmas event on the retail calendar and its popularity is continuing to grow in Australia,” Mr Zahra said.
“We’re expecting huge amounts of traffic in-stores and online, with sales to reach $6.2 billion this year – an increase of $200 million on 2021.
“We know that many people are more conscious about their household budgets with the cost of living going up and interest rates on the rise, so the Black Friday sales are an ideal time to complete your Christmas purchases, save money and ensure that your gifts are delivered on time.”
This comes as card spending data from CommBank revealed 61% of the 1,035 survey respondents are planning to spend less on Christmas this year.
In an effort to stick to a smaller budget, more than a third (38%) of Black Friday and Cyber Monday shoppers will be on the lookout for Christmas presents across the four-day period.
Shoppers are expected to spend an average of $482.90 this coming weekend with many favouring technology and electronics, followed by fashion and clothing.
CommBank’s General Manager for Shopping Rochelle Eldridge said consumers are delaying purchases until this year’s Black Friday sales to help ease cost of living pressures.
“Elevated inflation and higher prices are putting pressure on many households which is making everyday savings top of mind for many Australians,” Ms Eldridge explained.
“We are seeing people prioritise essential items, with seven-in-10 shoppers planning to buy essential everyday items or larger items that they need at the sales this weekend.
“The sales are also a great opportunity to get ahead on Christmas shopping, or to spend less on bigger household expenses.”
According to the ARA, pre-Christmas sales are forecast to reach nearly $64 billion – a 3% increase on last year.
"Has Black Friday overtaken Boxing Day to become the top sales event?" was originally published on Savings.com.au and was republished with permission.