Black Friday Bigger Retail Boost Than Boxing Day
Early economic data shows that this past weekend’s Black Friday sales rush has seemingly usurped the Boxing Day sales as the largest single boost to the Australian retail sector.
The National Retailers Association estimates the four days of sales will generate $5.6 billion in retail sales, up 8 per cent from last year.
Zip Pay data shows a 52 per cent leap in BNPL spending on Friday alone, compared to the previous four Fridays, which were already at elevated levels given the recent lockdown exodus.
“There is no doubt there is pent-up demand among consumers and from what we are seeing we predict Black Friday and Cyber Monday will be bigger retail moments than the Boxing Day sales,” said Debbie Wine, Zip chief marketing officer for Australia and New Zealand.
Zip data also showed that 65 per cent of sales over the weekend were not in store, suggesting the nature of how we shop has increasingly shifted online.
“In Sydney there was heavy rain so convenience is one explanation, but people are still uneasy about COVID-19 so shopping from their iPhone means they don’t need to line up, check in and wear masks and that gives them peace of mind.”
Zip also told The Australian that JB Hi-Fi, the Good Guys, Harvey Norman, Big W, Catch and Kogan were the “most in-demand” retailers based its own sales data.
“Sales have been pleasing with good traffic both in store and online,” JB Hi-Fi chief executive Terry Smart said.
“Black Friday sales have been gaining momentum over the years and now is definitely becoming an established promotional event.”