Four-day bargain shopping bonanza to reap over $5 billion
The Black Friday to Cyber Monday four-day shopping bonanza is set to reap more than $5 billion in retail sales nationwide.
National Retail Association (NRA) CEO Dominique Lamb said the four-day spendathon was growing in popularity each year, with $5.3 billion forecast to be spent between November 27-30 including $1.8 billion in online sales.
“The four days from Black Friday to Cyber Monday has emerged as one of the signature periods on the retail calendar. In 2020 businesses are very optimistic that it will generate real momentum as we head into December,” Ms Lamb said.
“Each year we’re seeing more and more shoppers look to knock off the Christmas shopping earlier. This is in large part due to late-November sales events such as Black Friday and Cyber Monday.
“There are many outstanding offers on products across the retail sector, both in-store and online. It is the perfect opportunity for shoppers to support Australian retailers, make inroads into Christmas shopping and cash in on bargain prices.
“The growth in online sales has been accelerated by the pandemic, but we’re still expecting to see a lot of action in bricks and mortar stores. Digital purchases offer great convenience, but many consumers also crave a more wholesome shopping experience which can only be obtained in-store.”
Ms Lamb also said that the 2020 Christmas period was taking on added significance as Australia seeks to recover from its first recession in 30 years.
“We’re certainly hopeful that Christmas 2020 can break the back of the recession and set both retail and the economy on a course to recovery,” Ms Lamb said.
“Retail has the second-largest workforce within the Australian economy, its importance can’t be overstated. Each dollar spent at the shops in the lead up to Christmas is helping keep businesses afloat and supporting jobs.”
Black Friday to Cyber Monday Weekend (4 days)
|Online Spend||Total Retail Spend|
|$1.8 Billion||$5.3 Billion|
Christmas trade forecasts (second-half November and all December)
|State||2019 Spend||2020 Forecast Spend||% Increase from 2019|
|NSW||$15.9 Billion||$16.7 Billion||5%|
|VIC||$13.2 Billion||$13.8 Billion||4%|
|QLD||$10 Billion||$10.6 Billion||6%|
|SA||$3.2 Billion||$3.3 Billion||4%|
|WA||$5.2 Billion||$5.5 Billion||6%|
|TAS||$1 Billion||$1.05 Billion||5%|
|NT||$419 Million||$431 Million||3%|
|ACT||$931 Million||$978 Million||5%|
|TOTAL||$49.9 Billion||$52.4 Billion||5%|
|Online Sales||2019 Spend||2020 Forecast Spend||% Increase from 2019|
|TOTAL||$3.4 Billion||$5.2 Billion||53%|