Australians will spend a record of $6.7 billion during Black Friday and Cyber Monday this year.
This is according to fresh predictions by the Australian Retailers Association (ARA).
Customers are constantly searching for bargains and deals. They are holding out on spending in recent months to splurge during the four days.
It’s expected that Black Friday and Cyber Monday sales will increase by 5.5% compared to the same time last year.
The National Retail Association’s interim CEO Lindsay Carroll says no rate rises, and higher wages mean more shoppers than ever will be participating in the increasingly popular Black Friday/Cyber Monday sales.
Heavy foot traffic anticipated ahead of Black Friday
Retailers can brace themselves for “heavy foot traffic in shopping districts” like Brisbane CBD, Sydney, and Melbourne.
Experts are warning that in-person shopping is returning to pre-COVID levels. This will have a ripple effect on businesses that will have to carry them through the quieter months next year.
“Retailers are churning out some of the biggest discounts seen industry-wide, so expect shoppers to be pulled in a hundred different directions,” says Carroll.
Discretionary retailers have had it the hardest
Post-COVID, the Australian Retail Association has notified retailers to bring forward their discounting strategies to target early bird shoppers who want to get their shopping done before December.
ARA chief industry affairs officer Fleur Brown reckons Black Friday and Cyber Monday sales events will be “crucial” for retailers after a challenging year for the sector.
“Our research shows that one in four shoppers will be using this sales event to save money on gifts,” Brown points out.
Australians are cautious but want the spoils, too
Australians are being cautious when it comes to overspending on things they don’t really need. But this festive season, there are indications that they also don’t want to be too stingy and miss out on spoils.
Retailers can expect shoppers to stream to their shops early as Australians want to do their shopping as early as possible, even before the end of November.
NOW READ: Upper-income shoppers lead the way in holiday spending optimism
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Mia is a multi-award-winning journalist. She has more than 14 years of experience in mainstream media. She's covered many historic moments that happened in Africa and internationally. She has a strong focus on human interest stories, to bring her readers and viewers closer to the topics at hand.
