Australian retail turnover hit a new record high in November, figures the ABS say were driven by a bigger-than-usual Black Friday spend.
Retail spend jumped 1.4 per cent in November, following a 0.4 per cent rise in October, the smallest rise of 2022.
Ben Dorber, ABS head of retail statistics, attributed the record turnover to Australia’s love for Black Friday sales.
“While we typically see a rise in spending around Black Friday sales, the strong seasonally adjusted rise in November 2022 shows that the effect is increasing over time, as the event has become more common across retailers and sales periods become longer,” Dorber explained.
“Given the increasing popularity of Black Friday sales, the smaller increase in October may reflect consumers waiting to take advantage of discounting in November, particularly in light of cost-of-living pressures.”
Department stores enjoyed a 5.4 per cent rise, while household goods retailing rose 2.1 per cent, led by furniture retailing.
“With retail turnover increasing by more than one per cent in all states and territories, it’s clear Black Friday sales are becoming increasingly popular across the country,” Mr Dorber said.
“The last time we saw a general increase of this magnitude across states and territories was during the COVID-19 induced spending in May 2020.”
