Australian retailers can look forward to a spree during the shopping hours on Black Friday and Cyber Monday. According to a study by the Australian Retailers Association (ARA) in collaboration with Roy Morgan, $ 5.4 billion is expected to be spent in stores and online.
The four-day shopping period (this year Friday, November 26th to Monday, November 29th, 2021) has its origins in the USA on the occasion of the Thanksgiving holiday and has gained massive momentum in Australia and continues to enjoy growing popularity.
Paul Zahra, CEO of ARA, said November is now Australia's biggest shopping month of the year, and this was largely due to the spike in sales we see over Black Friday and Cyber Monday.
“For the past two years, November has beaten December as the biggest month for Australian retail sales for the year. This trend can be attributed to Black Friday and Cyber Monday as people get some bargains and shop early for Christmas, ”said Mr Zahra.
“We forecast consumers will spend $ 5.4 billion over the four-day sales period. What began as an American shopping tradition was widely adopted by Australians.
“This event is known for the biggest pre-Christmas in-store and online bargains.
“Black Friday and Cyber Monday offer Australian retailers a strong boost for the holiday season. The Christmas trading quarter is the most critical time of the year on the retail calendar, when most discretionary retailers make up to two-thirds of their profits.
“But consumers are warned. With our supply chains under significant pressure, consumers need to shop early if they want their products to arrive in time for Christmas. There are several issues retailers are addressing right now – everything from Covid effects, shipping delays, and threats from industrial action by dockers and delivery drivers. There is a perfect storm of problems, so consumers need to act quickly to make sure they get the products they want. "
Michele Levine, CEO of Roy Morgan, says retail sales can expect a significant spike in November after roughly half of Australia's population emerged from prolonged lockdowns in October.
"Retail sales for the four-day Black Friday and Cyber Monday shopping period are expected to spike retail spending in November as Australians arrive earlier for their Christmas gifts," Levine said.
"The end of the long lockdowns in Sydney, Melbourne and Canberra will result in heavy retail spending over the month that hit or even surpassed last year's records."