A report published by the National Retail Association (NRA) and the Australian Retailers Association (ARA) estimated that shoppers will spend $6.7 billion during this increasingly influential period.
New South Wales is expected to spend $2.1 billion, followed by Victoria with $1.76 billion, and Queensland with $1.42 billion.
ARA chief industry affairs officer Fleur Brown said that, with cost of living pressures remaining high, consumers will approach these sales events with caution.
“Our research shows that one in four shoppers will be using this sales event to save money on gifts, highlighting that while Australians are being more cautious with their spending, they also want to embrace the festive season and spoil their loved ones,” she said.
“More than half of Australians want to do their gift shopping early this year, with the majority of shoppers planning to tick off their Christmas lists by the end of the month.”
She added: “With a projected spend of $6.7 billion predicted over the four days, there’s no doubt that Black Friday/Cyber Monday will be an integral part of this year’s six-week peak season trading period where retailers look forward to making up to two-thirds of their annual profit.”
Across the remaining states and territories, Western Australia is forecasted to spend $693 million, followed by South Australia ($426 million), Tasmania ($131 million), the Australian Capital Territory ($122 million), and the Northern Territory ($54 million).
Australia-wide, these figures mark a 5.5 per cent increase in revenue for retailers on a year-by-year comparison.
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