Billions Set to Be Spent on Black Friday and Cyber Monday

Even Santa Claus couldn’t resist the allure of Black Friday and Cyber Monday sales, as Australians are projected to spend a staggering $6.7 billion (US$4.3 billion).

Australians are anticipated to splurge a total of $6.7 billion over the course of four days during the Black Friday and Cyber Monday sales leading up to the holiday season.

With higher wages and no interest rate hikes, consumers are expected to indulge in retail therapy at various stores nationwide, representing a 5.5 percent increase from the previous year’s figures.

The National Retail Association (NRA) and Australian Retailers Association, in collaboration with Roy Morgan, have forecasted this multi-billion dollar spending spree.

“This year’s Black Friday sales are expected to break records, and we foresee an increase in consumer spending,” stated NRA interim CEO Lindsay Carroll.

“Due to stable interest rates and higher incomes, savvy shoppers can take advantage of generous discounts during this Christmas shopping season.”

During a promotional event at David Jones in downtown Brisbane, Santa Claus was spotted browsing through sales items and asking children about their holiday wishes.

“This year, Bluey and Lego are top contenders, with Bluey leading the way,” he mentioned.

“Merry Christmas.”

Black Friday sales are poised to surpass Boxing Day sales, establishing itself as the premier shopping weekend.

This sales frenzy is crucial for retailers following a challenging year in the industry, as noted by Retailers Association Chief Industry Officer Fleur Brown.

“Our surveys indicate that one in four shoppers will utilize this sales event to save money on gifts, indicating that while Australians are more mindful of their spending, they still want to embrace the holiday season and spoil their loved ones,” expressed Brown.

“It is undeniable that Black Friday/Cyber Monday will play a vital role in this year’s six-week peak season trading period where retailers anticipate generating up to two-thirds of their annual profits.”