According to comparison site Finder, Aussies will be spending the most on travel, with the average shopper forking out $130 on average.
Surprisingly, this is followed by food and alcohol, where they are set to spend $127.
Clothes and shoes round out the top three deals and discounts Aussies intend to make the most of, with the average shopper spending approximately $93.
Kate Browne, personal finance expert at Finder, said Black Friday is a great way to get your Christmas shopping done for a steal.
“Black Friday has been known to crash websites, so it’s best to know what you want and to get in early. There’s nothing worse than adding an item to your cart only to realise they no longer have it in your size,” she said.
While the phenomenon is new to Australian markets, research from Monash University suggests Black Friday sales outperformed traditional December Christmas period sales, increasing by 14 per cent.
In contrast, sales in the three-day lead-up to Christmas Day grew by 3.5 per cent, while Boxing Day sales fell by 10.3 per cent.
However, Black Friday discounting is usually a race to the bottom in terms of profitability for Australian retailers.
“With typical Christmas discounts already placing pressure on margins, Black Friday may risk simply pulling the Christmas sales boost forward into November, instead of truly increasing sales volumes for retailers,” Monash’s Dr Rebecca Dare said.
Dr Dare believes retailers can get ahead if they follow the United States model instead of slashing prices.
“For Australian retailers, tapping into Black Friday’s latent emotional significance, turning it into more than just a ruthless discounting event, may very well be the solution to their profitability woes,” Dr Dare concluded.
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