Millions to spend $7.5bn on Black Friday

Millions of Aussies are set to take advantage of the biggest sales of the year by spending an extra $7.5 billion as Black Friday deals hit new heights this weekend.

The latest Finder research revealed one in three Australians have already scooped up a deal or plan to take advantage of the Black Friday sales on November 29, while 13 per cent of shoppers are holding out in hope of finding a bargain on Cyber Monday on December 2.

Black Friday sales kicked off early this year as many retailers launched special deals throughout November. And shoppers snapped up plenty of bargains having each spent on average $607 – or the equivalent to $6.3 billion nationally – across the sales, according to Finder.

It’s expected as Black Friday and other sales roll out before Christmas, shoppers will each spend a further $722 on average on – or $7.5bn nationally – before the end of the year.

Clothes and shoes top of the list of must buys for many shoppers, with 62 per cent of those surveyed stating they were hoping to grab a bargain.

Electronics and gadgets came in second with 41 per cent, while beauty, skincare, and makeup was also a high sale priority with 33 per cent shoppers looking to purchase these items on sale.

Food and alcohol and accessories bargains were also on people’s shopping list (29 per cent each), while only 26 per cent of shoppers were looking to buy toys on sale.

According to news.com.au’s shopping expert Kara Byers, the most sought after items this year include big household purchases such as robot vacuums, Dyson stick vacuums, air fryers, mattresses, as well as pricey tech and electronics such as headphones, laptops and TVs.

“We’re seeing a lot of interest in beauty products, COSRX snail mucin, K18 hair mask and the much-coveted Dyson Airstrait are really popular,” Ms Byers said.

“When it comes to tech, there’s always interest in headphones, especially Apple AirPods. Samsung devices – like the new Galaxy ring and tablet are selling quickly and, as we get closer to Christmas, TVs and projectors are being snapped up”.

“We are finding most brands and retailers will drop their biggest and best discounts during Black Friday and this year, brands are offering up some incredible deals earlier than the actual November 29 start date. So if you see an item you want, we recommend snapping it up,” she said.

Meanwhile, the latest Roy Morgan data estimated Australians will spend $6.7bn in the four days between Black Friday and Cyber Monday, which will see an increase by 5.5 per cent in spending compared to the same period last year.

Australian Retail Association chief industry affairs officer Fleur Brown said the healthy increase in spending is a positive outcome for retailers after a difficult year marred by tighter consumer budgets.

“Shoppers are being savvier than ever with their dollars, which is why they are flocking to sales events like the Black Friday/Cyber Monday weekend to stock up on gifts and personal items,” Ms Brown said.

“The full peak season period is predicted to see a more modest 2.7 per cent increase in spending, highlighting not only the growing popularity of Black Friday/Cyber Monday but also the role it is playing in this year’s cost of living challenges.

“It’s clear that shoppers still want to enjoy the little luxuries while being wallet-conscious during the cost-of-living crisis.”

Ms Brown said shoppers are using sale periods like Black Friday as an opportunity to save big on their Christmas shopping.

“Shopping habits are shifting, with more people looking to sales events and buying their Christmas presents earlier than ever,” she said.

“Retailers are hopeful this spending boost will hold them in good stead for the New Year.”

Australians are also expected to spend $28 billion on food, marking an increase of 4.2 per cent from 2023, according to Roy Morgan.

CommBank Small Business Banking executive general manager Rebecca Warren said small businesses are also set to take advantage of the sales.

“Black Friday and Cyber Monday mark the start of a busy season for Australian small businesses as we head into the last month of the year,” Ms Warren said.

“As consumer demand for a good deal reigns and more competition enters the market, it’s not too late for small businesses to take advantage of tent pole moments like these major shopping events.

“Our data shows the top five best performing industries by spend during the 2023 festive season were restaurants and bars, beauty and barber shops, clothing and department stores, homewares and travel.

“While these industries continue to perform well, the festive season generates gains for the broader small business community, driving revenue into supporting sectors like marketing and advertising, printing, courier and delivery services.”