Monday, June 17, 2024

Black Friday more important than ‘ever before’

This weekend’s Black Friday and Cyber Monday sales are set to account for more than a quarter of all holiday purchases in 2023.

According to research by the Australian Retailers Association (ARA), in partnership with Roy Morgan, shoppers are tipped to spend $6.36 billion across the four-day Black Friday/Cyber Monday weekend (24-27 November), up 3% from last year.

The increased competition for the consumer dollar will be a win for shoppers, with the ARA suggesting that global discounts will reach an average of approximately 30% across the Black Friday-Cyber Monday weekend.

Retailers will also harness the power of artificial intelligence (AI) to drive sales, with 29% of online orders in Australia tipped to be influenced by AI, according to Salesforce research.

ARA CEO Paul Zahra says despite an expected subdued broader pre-Christmas spending period, the growing popularity of Black Friday will give retailers a much-needed boost to the holiday shopping season.

“The Black Friday sales are the perfect opportunity for shoppers to get a great deal at a time when every dollar counts,” he says.

“As the country continues to be gripped by a cost-of-living crisis, the importance of Black Friday and Cyber Monday will be more significant than ever before.

“Despite a lukewarm spending projection for the pre-Christmas period, Black Friday this year is set to be record-breaking, as consumers seek out bargains amid intense financial pressure.

“The Black Friday sales are an ideal time to grab a bargain and shop early ahead of the pre-Christmas rush.

“Some retailers have already started their Black Friday Sales ahead of this weekend in a move to entice early Christmas shoppers. We expect by the end of November, more than half of the gift shopping in Australia would have been completed. It’s the season to shop early to take advantage of the promotions and have your gift list completed for a stress-free Christmas.

“Retailers are well aware of the economic pressure being felt across the nation, and this increased competition will drive significant discounts.”

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