By Rebecca Goulter, National Retail Association
It’s an American tradition that has revolutionised retail in November – mark your calendars, Black Friday is on its way! One of the biggest days in retail this year falls on Friday, 29 November.
In 2018, bargain hungry shoppers spent an estimated $1 billion dollars online over the four day Black Friday/Cyber Monday period. This spend was a 3.6% increase from 2017 figures, and Australian punters have estimated a similar increase in 2019. But the deals don’t just stay online, with major department stores including David Jones, Myer, and more preparing for an influx of sales over the four-day period.
Black Friday is now so integral to the retail calendar that Adelaide has extended trading hours to midnight on November 29. Treasurer Rob Lucas pushed for the extension in a bid to capitalise on demand from customers.
“We know there is an enormous groundswell of public support for extended shop trading in South Australia and the burgeoning popularity of Black Friday sales here is a fantastic opportunity for consumers, retailers and employees alike to capitalise on that demand,” he said.
“This will be a welcome shot in the arm for local bricks and mortar businesses as they compete with the rapid rise in online sales.
“The Government wants to continue to drive positive economic and jobs growth, and this move — while entirely optional for retailers and their staff — will generate additional sales while creating valuable employment opportunities for those people who’d like to work.”
In the event you’ve been living under a rock, here’s some fast facts about Black Friday and Cyber Monday.
What is Black Friday and Cyber Monday?
Black Friday falls after Thanksgiving in America every year, and is traditionally a day when retailers offer massive discounts to unofficially start the Christmas shopping season. Cyber Monday originated in 2005, when online retailers decided to leverage the sales to promote online shopping back in the early days of the internet.
Which day performs better?
Neto reports that in 2018, Black Friday brought in higher gross merchandise volume, but more orders were placed on Cyber Monday. Retailers who offer sales, particularly online, increased discounts as the weekend progressed. It’s a balancing act for the customer – should I buy on Black Friday out of FOMO, or hold out until Cyber Monday waiting for a better deal?
What do people buy during the sales?
Electronics and big ticket appliances are always popular sale items for the Black Friday holiday. Gaming consoles like the Nintendo Switch were massively discounted in 2018, and cameras, laptops, and home entertainment are expected to have prices slashed. Amazon Australia is also tipped to discount their devices heavily to entice more shoppers.
Retailers, now is the time to start making your plans to maximise your sales. We will continue to post updates, predictions, and deals we can spot in the lead up.