As Australians shop for bargains in the Black Friday-Cyber Tuesday sales, retailers expect a record multibillion-dollar spend-up.
The National Retailers Association forecasts $5.6 billion in sales this weekend, eight percent more than last year’s discount sales event.
Online sales are expected to account for $2 billion.
Dominique Lamb, CEO of NRA, stated that shoppers continue to embrace Black Friday each year and flock to shopping centers to grab bargains.
“CBD shopping precincts experienced significant drops in foot traffic during the pandemic. We encourage consumers to visit their towns and support them.”
Australian Retailers Association predicted that sales would reach $5.4 billion.
This four-day shopping period runs from November 26 to 29 in the USA. It was originally created in conjunction with Thanksgiving in the US. The holiday is becoming more popular in Australia, as Christmas shoppers shop early.
National Australia Bank has estimated that shoppers will spend almost one million dollars per minute during this shopping frenzy.
Based on historical spending trends, computers, appliances, games and clothing are expected to be the most sought-after purchases.
Rachel Slade, executive personal banking at NAB Group, stated that one in six November retail sales took place during the four-day period last December. She also said that similar trends are expected this year due to economic recovery.
The Commonwealth Bank of Australia also noted that merchant data showed that sales for the 2020 Black Friday period were 10% higher than in 2019. This bodes well for the 2021 effort.
Jerry Macey, CBA’s head for consumer and diversified Industries, stated that shoppers across the country are taking advantage of recent pre-Christmas discounts and that they expect this trend to continue in the future.
NAB expects $5.5 billion in online and physical cash transactions across the country. NSW is leading the charge with a $1.74 Billion splurge. Victoria follows with $1.45 Billion and Queensland with $1.12 billion.
Australia Post is also gearing for a busy weekend, as smart shoppers take full advantage online sales and get Christmas presents organized in plenty of time before the last shipping dates.
Gary Starr, Australia Post’s spokesperson for the company, said that “We know people are paying attention to big online sales events and planning ahead for their purchases so we expect this year to be massive.”
RateCity.com.au, a financial comparison website, issued a warning to customers, cautioning them to not get carried away.
Sally Tindall, RateCity’s research director, stated that “sale events like Cyber Monday and Black Friday are marketing stunts designed for you to spend.”
“These events are designed to incentivize impulse buying, possibly without comparing prices or thinking about it.”