Over the past five years, retail spending in Australia has changed significantly around December with the adoption of Black Friday sales events. In the US, Black Friday is the first Friday after Thanksgiving and in 2024, it will occur on 29 November.
Research published by Roy Morgan suggested that Black Friday sales will contribute to an expected $69.7 billion period for retailers in the lead-up to Christmas, an increase of 2.7 per cent on a year-on-year comparison.
In a comparison of spending by state, Tasmania (5.9 per cent), New South Wales (3.4 per cent), Queensland (3 per cent), and Victoria (2.3 per cent) are each forecast to improve on a year-on-year comparison.
Australian Retailers Association CEO Paul Zahra said local consumers are more ‘savvy’ than ever.
“They’re looking for the best value when it comes to buying presents for their loved ones, which is why sales events like Black Friday/Cyber Monday weekend are consistently growing in popularity,” he said.
“We are also seeing a continued trend towards spending on little luxuries whilst some broader discretionary categories are forecasted to be in decline.”
He added: “Retailers are pulling out all the stops to ensure they have the best product lines and gift solutions, customer service offerings and enhanced online platforms to make shopping during this peak season more seamless than ever.”
The latest analysis of independent jewellery stores in Australia from Retail Edge Consultants noted a 2.7 decrease in sales in September.
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