Early discounting strategies by cyber and household goods retailers have paid off, as revealed by the Australian Bureau of Statistics (ABS) retail data, which reported an overall 0.6 per cent boost to retail sales in October.
According to the ABS, the non-food industries saw significant rises, with other retailing up by 1.6 per cent and households goods retailing increasing by 1.4 per cent.
National Retail Association (NRA) Interim CEO Lindsay Carroll said that shoppers had been waiting all year to spend on big-ticket items that would have been painful purchases during the cost-of-living crisis.
"Cyber and furniture discretionary retailers saw some relief in October when they decided to roll out their Black Friday deals earlier than usual," Ms Carroll said.
"The cost-of-living crisis has created a pool of savvy shoppers who wait for the best bargains before purchasing larger items, such as electronics and furniture.
"According to Shopify, 53% of Australians finalize their holiday shopping lists by October, a figure that jumps to 70% for households with children.
"We saw November sales increase by a paltry 0.1 per cent this year. Traditionally, Aussie shoppers conserve their spending during this month so they can splurge during the silly season.
"Big discretionary item retailers realised that targeting these shoppers early gives them a leg up in the lead-up to Christmas.
South Australia enjoyed the largest sales increase (1.3 per cent), while Queensland and Victoria saw gains of 0.5 per cent and 0.9 per cent, respectively," she said.
The ABS October retail trade data also revealed significant drops in other retail sectors.
"Sales fell in clothing, footwear, and personal accessory retailing (-0.6 per cent), as well as in department stores (-0.3 per cent)," Ms Carroll explained.
"We have anticipated $6.7 billion in spending over the Black Friday and Cyber Monday (BFCM) weekend, a crucial event for discretionary retailers, accounting for nearly 35 per cent of their overall profits for the year."
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.
