November 26 is set to be the biggest trading day of the year, with the annual Black Friday sales bringing in more than Boxing Day sales, and Christmas Eve panic buying.
This is according to a new ANZ report, which found that non-food retail spending on Black Friday jumped by 50 per cent year-on-year in 2020, blasting past Boxing Day spending for the first time in history.
Cyber Monday (November 29) spending will also be hefty, forecast to sit at around 70 per cent of Black Friday’s spend.
ANZ senior economist Adelaide Timbrell said, “Black Friday outdid Boxing Day and the week to Christmas Eve last year when it came to non-food retail spending, and we expect something similar this year.
“Lots of households have saved extra money through this year and could spend big at key end of year sale events.
“Strong household deposits and savings through this year, as well as the improved resilience in the labour market through Delta lockdowns compared to last year, have given the average household a strong buffer for end-of-year spending in 2021.”
