Aussies are gearing up for the biggest pre-Christmas shopping event of the year this week with consumers set to spend more than $9 billion throughout the Black Friday and Cyber Monday sales.
The Black Friday to Cyber Monday shopping events have quickly become one of the most anticipated sales events on the Australian retail calendar, with many retailers offering competitive deals in the week leading up to the main event.
NRA Deputy CEO Lindsay Carroll said the shopping event would capture a significant portion of the critical holiday retail trade.
“Black Friday and Cyber Monday sales are growing in popularity with retailers and consumers, especially as for those who want to get ahead of their Christmas shopping and cash in on the great deals.
“Each year the event gets bigger and better, and the NRA predicts Aussies will splash $9.04 billion nationwide, which is a 3.9 per cent increase on 2021’s spend.”
Ms Carroll said consumers were being strategic with their spending this year, as the cost of living crunch continued to impact household spending.
“Current cost of living challenges have caused consumers to tighten their purse strings, but rather than not spending at all, they are planning ahead by holding back on their day-to-day spending to be able to splurge on the festive season.
“This behaviour is causing consumers to be selective of the retailers they choose to spend with. Shoppers want a great retail experience and are looking at retailers that provide a whole suite of complementary services such as free delivery and returns, loyalty rewards, friendly staff and click and collect.”
Ms Carroll also said that despite the rise in popularity of online retail, consumers were returning to brick-and-mortar stores now that lockdowns were a thing of the past.
“This year we can expect more shoppers to return to brick-and-mortar stores, shopping centres and high streets, but retailers need to be able to deliver the same convenience their customers have become accustomed to through online shopping.
“The NRA’s Consumer Sentiment Report, released in October, found 94 per cent of consumers want to save time and 77 per cent of consumers want the flexibility to shop whenever and wherever they want.
“Retailers can capture this sentiment by making their items easy to find, training their staff appropriately and offering fast and flexible fulfillment options.”
The National Retail Association is the voice of modern retail, representing more than 60,000 shopfronts nationwide. It has been serving businesses in the retail and fast food sectors for close to 100 years.
For more information please contact the NRA’s media unit at marketing@nra.net.au