Invest
Aussies spot a bargain as Black Friday sales soar
The latest credit card data from a big four bank has shown that Australians are keen to get a pre-Christmas bargain, with sales sharply lifting.
Aussies spot a bargain as Black Friday sales soar
The latest credit card data from a big four bank has shown that Australians are keen to get a pre-Christmas bargain, with sales sharply lifting.
Online spending data released by Commonwealth Bank revealed that Australians used Black Friday sales to get ahead on clothing and electronic purchases, with sales lifting by 100 per cent over the four-day period.
On Black Friday, online spending on clothing and footwear jumped 213 per cent when compared with the prior three weeks. Meanwhile, online spending at department and electronics stores was up 267 per cent on the same day.
Head of retail and diversified industries in CBA’s business banking division, Jerry Macey, said the significant uptick in online spending over the four-day period highlights just how keen Australians are to take advantage of the pre-Christmas discounting being offered by retailers.
“The strong growth in the amount spent buying clothing and footwear online is very reflective of the current climate. As many of the states gradually come out of lockdown and we head into the summer season, Australians are keen to restock and renew their wardrobes,” he said.
Mr Macey pointed out that it was a good time for retailers who are preparing for the increasing popularity of Black Friday sales.
“Businesses are acutely aware of the growing popularity of the Black Friday to Cyber Monday period and are increasingly using this time as an opportunity to attract new customers, unload some of their inventory, and head into the end of the year with positive momentum,” he said.
“Many of our retail business customers have significantly grown online sales this year due to the current pandemic. As such, they were already well set-up and prepared for this year’s Black Friday to Cyber Monday sales.”
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