Spending spree: Black Friday and Cyber Monday sales reach all-time high
Black Friday and Cyber Monday sales hit an all-time high in Australia, with an analysis from NAB revealing that Aussie shoppers spent more than $8 billion this year.
After a quieter showing during 2020, the four-day sales period between Black Friday and Cyber Monday saw sales up 8% from pre-pandemic levels in 2019.
NAB found that the strongest performers for in-person purchases were technology retailers, with sales up 168% from 2019. While in terms of online sales, jewellery and watch stores didn’t struggle to draw in shoppers - recording a massive 312% increase on 2019 sales.
“It may be a trend adopted from our American friends, but it’s clear that Black Friday and Cyber Monday are now a strong part of the sales calendar here in Australia,” said Andrew Irvine, group executive of NAB’s Business and Private Bank.
“For business, it’s a great opportunity try out new initiatives before the holiday season, reach out to online customer bases and kick off the lead up to Christmas with strong cashflow."
Buy Now Pay Later platform Klarna released its own data from the sales period, revealing that customers spent 298% more than they did during last year’s pandemic-affected Black Friday sales. Klarna said that volumes peaked between 3pm and 4pm AEDT, with sales up 878% on the same time on a regular Friday.
Millennials aged between 25 and 40 were most likely to use the BNPL service, accounting for 54% of Black Friday purchases made through the platform. Klarna also found similar spending trends to NAB, noting that clothing, shoes, jewellery and accessories made up the most popular spending categories.
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