Black Friday spending frenzy came to a head in Australia despite rising cost of living.  Here's what you need to know

Black Friday spending frenzy came to a head in Australia despite rising cost of living. Here’s what you need to know

It’s the final countdown.

But as retail fans will tell you, we’re not talking Christmas here. Rather the bargain hunt of the Black Friday sales.

November sales have increased in recent years due to the increasingly popular Black Friday discounts at major retailers.

It’s the US event that has infiltrated Australia’s retail scene. Here’s what you need to know.

When is Black Friday 2022?

Black Friday falls on November 25 this year.

Research by Australian Retailers (ARA) in partnership with Roy Morgan forecast record sales of $6.2 billion over the four days Black Friday to Cyber ​​Monday weekend.

That is Friday 25 November to Monday, 11/28.

Isn’t Black Friday originally an American thing?

Yes. yes…

Black Friday began in the United States and marks the Friday after Thanksgiving, which is usually observed on the fourth Thursday in November.

Traditionally, this Friday marked the start of the holiday and Christmas spending season.

More recently, Black Friday has evolved into a global shopping spree, with retailers offering big discounts on a range of products from beauty, toys, home appliances, electronics to fashion, furniture and travel.

Fancy a vacation? Flights, hotels and cruises are the most common travel items for sale, reveals Finder.com.au. (Eva DarronUnsplash)

Australian Retailers Association (ARA) CEO Paul Zahra says Black Friday sales are about offering the biggest pre-Christmas bargains.

“We’re expecting tremendous in-store and online traffic with sales of $6.2 billion this year — a $200 million increase from 2021,” said Mr. Zahra.

Retailers offer deals before Black Friday hits and over the two days before Cyber ​​Monday.

Tell me more about Cyber ​​​​​​Monday you say…

When is Cyber ​​Monday?

Monday, 11/28. Black Friday follows.

What exactly is Cyber ​​Monday?

Cyber ​​​​​​Monday initially began as the “online version of Black Friday in the early 2000s, before online shopping was a thing.

ANZ Senior Economist Adelaide Timbrell says Black Friday and other sales events, including Cyber ​​Monday, are taking an increasing share of critical holiday retail.

Household spending has held up despite very low consumer confidence and record high inflation expectations, says Ms Timbrell.

ANZ chart on key spend dates
ANZ analysis revealed Black Friday spending over Boxing Day for the first time in 2020.(Supplied: ANZ Research)

“One thing to remember is that in both 2020 and 2021 the critical holiday trading period came right after long lockdowns, so some of the spending in late 2020 and 2021 was due to pent-up demand,” she says.

“While there are encouraging signs of the holiday trading season this year, we don’t have the added boost of people being released from lockdowns just ahead of the holiday season.”

ANZ expects household spending to slow into 2023 as the full impact of RBA rate hikes takes hold.

“Black Friday strength or weakness will give us some clues as to how quickly households will rein in spending in response to rate hikes.”

How do you make the most of your sales?

It saves order.

Black Friday sale clothing
Black Friday is known for its discounts of up to 80-90 percent. (Hans Isaacson: Unsplash)

When it comes to making the most of sales, plan ahead for what you need (and want).

“With retailers already rolling out great deals, it’s a good time to grab a bargain,” says Mr. Zahra.

You know what they say about planning failures. So:

  • do you haver wish list ready to take away
  • Follow retailers or brands social media to Be the first to know when the offers start
  • Compare and compile which dealers offer your desired products so that you can quickly get the best offer when sales start
  • Many online retailers offer one Discount gold offer code to enter at the time of purchase and execute discounts for one specific period
  • Stick to trusted websites

And be wary of possible scams

“Online shopping is always more convenient, but we encourage consumers to shop only with confidence reputable retailers,‘ says Mr Zahra.

The Australian and Consumer Competition Commission (ACCC) advise researching the seller and knowing who you are buying from.

The biggest Tip off that a retail website is a scam payment method.

For online payments:

  • Only pay for items through a secure payment service – look for a URL beginning with “https” and a closed padlock icon
  • When making payments, avoid arrangements that require prepayment via wire transfer, money order, wire transfer, international wire transfer, preloaded card, or electronic currency such as bitcoin
  • Use a secure payment service like PayPal or credit card transaction

But wait, there’s more…

So what does Gen Z want to get you this Christmas?

With Christmas just over a month away, gift cards and couponsalong with dress and toy Top gift lists this year, according to Afterpay’s Festive Forecast.

Different generations have different motivations for giving.

Younger buyers in particular get organized early and create gift lists.

The Afterpay report found that older shoppers, particularly the post-war generation, appreciate the act of giving and also giving gifts that the recipient may find useful.

Where Gen Z wants to give something “meaningful” as a gift.

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