The National Retail Association (NRA) and the Australian Retailers Association (ARA) have predicted that Australians will spend a record $6.7 billion during Black Friday/Cyber Monday (BFCM) this year.
NRA Interim CEO Lindsay Carroll said savvy shoppers have been holding out on spending in recent months so they can splurge during the four days, which is set to see sales increase by 5.5 per cent compared to the same time last year.
"No rate rises, and higher wages mean more shoppers than ever will be participating in the increasingly popular Black Friday/Cyber Monday sales," Ms Carroll said.
"We will also see heavy foot traffic in shopping districts like the Brisbane CBD, Sydney, and Melbourne as in-person shopping returns to pre-COVID levels.
"Retailers are churning out some of the biggest discounts seen industry-wide, so expect shoppers to be pulled in a hundred different directions as businesses lock in crucial sales expected to carry them through the quieter months next year.
"Discretionary retailers have had it the hardest this year, but Black Friday is set to be a bright spot in an otherwise hard year for these businesses.
"Post-COVID, we've also seen a continued trend of retailers bringing forward their discounting strategies to target early bird shoppers who want to get their shopping done before December," she said.
ARA Chief Industry Affairs Officer Fleur Brown said that the Black Friday / Cyber Monday sales event will be a crucial event for retailers after a challenging year for the sector.
"Australians are being savvier than ever with their dollars, which is why we are seeing more shoppers than ever flock to Black Friday and Cyber Monday this year - an increase of 5.5% on last year's figures.
"Our research shows that one in four shoppers will be using this sales event to save money on gifts, highlighting that while Australians are being more cautious with their spending, they also want to embrace the festive season and spoil their loved ones.
"More than half of Australians want to do their gift shopping early this year, with the majority of shoppers planning to tick off their Christmas lists by the end of the month.
"With a projected spend of $6.7 billion predicted over the four days, there's no doubt that Black Friday / Cyber Monday will be an integral part of this year's six-week peak season trading period where retailers look forward to making up to two thirds of their annual profit."
Projected Black Friday season* sales 2024
| NSW | Vic | Qld | SA | WA | Tas | NT | ACT | Total |
| $2.1 bn | $1.76 bn | $1.42 bn | $426 m | $693 m | $131 m | $54 m | $122 m | $6.70bn |
The National Retail Association represents more than 60,000 stores across Australia. It has been serving businesses in the retail and fast-food sectors for close to 100 years.
