With a week until Black Friday and Cyber Monday sales officially kick off, early signs indicate that the current cost of living challenges might be dampening enthusiasm for the 'sales holiday' we inherited from America.
NAB data shows that the expected uptick in November spend hasn't transpired yet, with early spending trends for the month trailing last year. In the last two weeks (4 - 17 November 2024) consumers spent close to $3b. This figure is up 0.6% from the month prior but down -1.7% year on year.
NAB Executive, Kylie Young acknowledged that the four-day sale weekend might look a little different this year.
"Right now, most Australians are focusing on prioritising the essentials. Typically, Black Friday has been about treating yourself to new technology or updating your wardrobe, but many are spending more time comparing prices at petrol stations than prices on new wide screen televisions," Ms Young said.
"At the same time, we have seen an increase in the number of people set 'Christmas savings' goals in their NAB app so it's absolutely possible that people may decide to kick into gear and get ahead on their Christmas shopping over the Black Friday and Cyber Monday period."
For those who are choosing to jump online, Ms Young has shared her tips to help Aussies beat the rush without breaking the budget or clicking on a scam.
1. Set a budget
While it's tempting to splurge, consider setting a budget and sticking to it, so you can enjoy the sales without dipping into your savings.
"Aussies have spent the past year fine tuning their budgets to make savings wherever they can," Ms Young said.
"We've seen customers get ready for the sales seasons by building up their savings buffers, but without a budget you can end up spending more than you had anticipated in pursuit of a deal."
2. Plan ahead
Get ahead by writing a list of the things you need, and researching which stores have the best sales.
"Planning ahead can save you time, encourage thoughtful spending and reduce the chances of impulsive purchases. Focus on the must-buys, avoid the unnecessary add-ons, and compare prices before checking out" Ms Young said.
3. Stay vigilant to scams
With so many great deals, it's important to look out for scam red flags. Criminals are looking to capitalise on the sense of urgency around potential bargains during these peak shopping periods.
"Unsurprisingly, November is the biggest month for card-related scams. Before you enter your card details to pay, take a moment to stop and check if you're on a fake website. If the deal sounds too good to be true, it probably is," Ms Young said.
4.Cash in on loyalty programs
Use your banked up points to get extra savings on already discounted prices. When checking out, remember to collect your loyalty points with a rewards credit card or loyalty program.
"A great way to get the most of this sales season is to lean on loyalty programs to help ease the squeeze. This year, the number one redeemed item is gift cards, followed by AirPods and air fryers," Ms Young.
5. Shop local
Supporting local businesses can be a great way to find unique gifts and avoid delivery delays that occur around this time of year.
"By getting in early and shopping locally, you're more likely to pay cheaper delivery rates and get your purchases in time," Ms Young said.
