A shopping frenzy is expected to generate a record $5.4 billion in sales for Australian retailers this year over the Black Friday and Cyber Monday period in stores and online according to new research from the Australian Retailers Association (ARA) and Roy Morgan.
ARA CEO Paul Zahra said November is now the biggest shopping month of the year in Australia, attributed mostly to the spike in sales seen over the Black Friday and Cyber Monday four-day shopping period.
“For the past two years, November has beaten December as the biggest month for Australian retail sales throughout the year. Black Friday and Cyber Monday can be credited with this trend as people snap up some bargains and shop early for Christmas,” Zahra said.
“We’re forecasting consumers to spend $5.4 billion over the four-day sales period. What began as an American shopping tradition has been embraced by Australians in a big way.”
While Zahra says the weekend shopping bonanza is ideal for those looking to get a bargain before Christmas and to buy presents for friends and family, he notes global supply chain problems mean shoppers need to act early this year to ensure goods arrive before 25 December.
“The Black Friday and Cyber Monday sales provide strong momentum for Australian retailers heading into Christmas. The Christmas trading quarter is the most critical time of year on the retail calendar when most discretionary retailers make up to two thirds of their profits,” Zahra said.
“However, consumers are cautioned. With our supply chains under significant pressure, consumers need to be shopping early if they want their products to arrive in time for Christmas.
“There are several issues that retailers are navigating at the moment - everything from COVID impacts, shipping delays and threats of industrial action from port workers and delivery drivers. There’s a perfect storm of issues so consumers need to get in quick to ensure they get the products they want.”
Roy Morgan CEO Michele Levine says retail sales in November can expect a significant boost after around half of Australia’s population emerged from extended lockdowns during October.
“Retail sales for the Black Friday and Cyber Monday four-day shopping period are forecast to drive a surge in retail spending in November as Australians get in early for their Christmas gifts,” says Levine.
“The end of long lockdowns in Sydney, Melbourne and Canberra will drive strong retail spending during the month to match, or even exceed, last year’s records.”
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