Electronic gadgets, home entertainment, and holiday bookings have helped drive booming Black Friday sales, putting shoppers on track to spend a record amount despite cost-of-living pressures. Australian consumers were on target to splurge $6.7 billion (US$4.
4 billion) at this year’s Black Friday to Cyber Monday sales, up 5.5 percent from 2023, the Australian Retail Association said. The bumper figure is being largely attributed to cash-strapped consumers seeking discounted holiday-season gifts as many household budgets feel the pressure from high interest rates and inflation.
Association chief industry affairs officer Fleur Brown said crowds were big in stores for most segments, with actual trade expected to hit the industry group’s multibillion-dollar forecast. “Certainly there is a leaning to things like clothing and accessories, technology, television, mobile phones, that kind of thing,” she said. “Even services have got offers out there,” she added, pointing to the likes of travel companies and beauty parlours.
Council of Small Business Organisations of Australia chief executive Luke Achterstraat said popular categories for its 6000 members were electronics, holiday bookings, and music. More than one-quarter of small businesses were expected to take part in this Black Friday, which Achterstraat said was the highest percentage on record. “It’s definitely trending upwards and it comes back to this demand from consumers for value and being quite price-conscio.