Black Friday weekend is approaching, with the ARA and Roy Morgan predicting a better year than 2021.
Research from the Australian Retailers Association (ARA) in collaboration with Roy Morgan forecast sales to reach $6.2 billion over the four-day Black Friday/Cyber Monday weekend (Friday 25 November to Monday 28 November 2022). This is set to be an increase of $200 million on 2021.
“The Black Friday sales are the biggest pre-Christmas event on the retail calendar and its popularity is continuing to grow in Australia,” said ARA CEO Paul Zahra.
Black Friday has been gaining traction in Australia over the past decade and with consumers looking to save now more than recent years, sales events such as Click Frenzy and Black Friday are set for success.
“There’s no doubt it’s a challenging economic environment, but what’s pleasing is that retail sales overall are currently at record levels. The impacts of rising interest rates and inflation have yet to slow household spending and we’re forecasting upbeat trading with pre-Christmas sales forecast to reach nearly $64 billion – a 3 percent increase on last year,” Zahra said.
Forecasted by Salesforce in its Holiday Insights Hub, 25 percent of Australians’ Christmas shopping is set to be completed during Black Friday sales, but 33% would already be completed in the first three weeks of November including Click Frenzy this week. Australians are set to spend on deals. With potential shipping delays, consumers would be smart to stock up early this year.
According to Zahra, “2023 is set to be a more challenging year with a slowdown expected to Australia’s economic growth. But as it stands right now, consumer spending is strong and that’s set to continue over the festive trading period, which will give many businesses confidence for their most important time of year.”
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