Black Friday sales soar despite cost of living crisis
Black Friday is one of the biggest sales events of the year with most major retailers offering big discounts. Black Friday is held at the end of November and because of the close proximity to the Christmas period, lots of people use this opportunity to start their Christmas shopping while things are on sale.
Now that the Black Friday Sales are over for the year, it’s time to have a look at how much people spent and what they were buying!
How much did consumers spend this Black Friday?
According to ecommerce company Shopify, over 61 million consumers made purchases at Shopify merchants during the Black Friday/Cyber Monday sales worldwide. This added up to a total spend of USD$9.3 billion which is a 24% increase on last year.
In Australia, we ranked 3rd for total sales, behind the US and UK and ahead of Canada and Germany. The number of Australian consumers purchasing from Shopify merchants also increased by 16% since last year, with the average cart price equalling $162.
In terms of what people were buying, the top 5 most popular product categories were apparel and accessories, health & beauty, home and garden, food and beverage and electronics.
Some of the big brands that had sales in these categories include The Iconic, Amazon, Nespresso, Dyson and The Good Guys. (Some of these brands are still having sales so it's not too late to score a discount!)
With the cost of living crisis causing people all around the world to cut down their spending, it’s interesting to see that consumers still managed to spend more during this year’s Black Friday sales in comparison to last year.
Mozo also conducted it's own Black Friday report before the sales. Find out we found about Aussie's Black Friday spending intentions!
How to manage your finances this festive season
The Christmas season is fast approaching and this can be a stressful and expensive time of year. If you’re struggling to manage the costs of the festive season, we have some tips to help.
In addition, if you want to save some money on Christmas presents, consider taking advantage of the upcoming Boxing Day Sales!