Retailers are reporting solid turnover across the Black Friday-Cyber Monday long weekend of sales.
David Jones Chief Executive Scott Fyfe told the Australian Financial Review that small appliances, Dyson hair straighteners and Frank Green and Stanley Cu drink bottles sold well over the Black Friday weekend.
“We knew that customers have restricted spending power,” Fyfe said. “That’s where we went aggressively after deals and offers for Black Friday. So that’s where we got the volume. The longer the RBA holds rates, the more we’re going to have to lean into this.”
JD Sports Chairman, Hilton Seskin, told the Fin that sales were up year-on-year.
Black Friday sale – Google image search.
“We’ve had a better than expected four days or so,” he said. “I think in Australia it is tough and people are looking for value.”
“Demand is not going away for the products that people really want. I think where the sales flatten is when the market is saturated, or there’s no excitement in the product any more.”
Last month research company Roy Morgan predicted Australians would spend nearly $70 billion in the six weeks leading to Christmas 2024. If this occurs, it would represent a 2.7 per cent year-on-year increase.
The research predicts Australians will have spent $6.7 billion over the Friday November 29 to Monday December 2 period, a 5.5 per cent year-on-year increase.
This is described as the “Black Friday/Cyber Monday sales window”, however the figures may be a little misleading, as the Black Friday sales started well before November 29, and Cyber Monday sales have continued beyond December 2.
