Written by - The Savvy Promise
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As part of Savvy’s ongoing research into consumer behaviour and economic wellbeing, we take a look at spending habits of Australians around the “Black Friday” and “Cyber Monday” pre-Christmas sales.
- 59% of Aussies going to spend on clothes and shoes; 35% on electronics
- 51% say they won’t be spending as much this festive season as they did last year
- 56% are likely to spend $500 or less
A new representative survey conducted by Savvy of 1000 Australians shows that clothing & shoes, beauty, electronics and toys retailers are set to sell the most this Black Friday.
Clothes and apparel were the overwhelming favourite of Black Friday shoppers, with 59% signalling purchase intent (when selecting their top three product categories from a list of eleven options). Next in line were consumer electronics (35%), toys (23%), and cosmetics (22%).
56% of Australians will be spending up to $500 on Black Friday and Cyber Monday sales this November.
The survey tracking consumer behaviour this holiday season, found 22% said they would be spending between $101-$250 during Black Friday, with 18% saying they’d spend up to $100, and 16% saying they’d spend between $251-$500.
A little under a third (32%) of Australians won’t be taking part at all. This may be due to high inflation and higher interest rates which jumped from a record low 0.1% to 2.85% over the first and second quarters of 2022.
Savvy spokesperson Adrian Edlington says Black Friday sales shift the bargain buying period to before, instead of after, Christmas.
Savvy Spokesperson, Adrian Edlington;
“People are planning to spend this Black Friday – especially on electronics, clothing, beauty products and toys – most likely because it’s the best way to save money on Christmas shopping. Actually, it is surprising that more Australians aren’t planning to get in on these sales, especially after battling high costs of living pressures throughout the year.
Taking advantage of sales is the number one way to save on presents and gifts this festive season.”
Black Friday was originally a clearance retail sales event originating in the United States, where shoppers would line up at department stores (often in freezing conditions) to snap up bargains after the holiday of Thanksgiving – much like Boxing Day sales in Commonwealth countries. The “Black” Friday signifies retailers being “back in the black” after being in the “red” for much of the year.
These sales were extended online into “Cyber Monday” during the dot com boom in the early 2000s.
When is Black Friday and Cyber Monday?
Black Friday will commence on the 25th of November, with Cyber Monday taking place on the 28th of November. Many retailers are offering Black Friday and Cyber Monday sales in the days prior and after the actual events.
Christmas spending
The survey showed that over half (51%) say that they won’t be spending as much this festive season as previously.
43% said that rising inflation and cost of living will have a negative impact on the festive season this year, with 24% saying it will have a “significant” negative impact.
31% said they’d be spending equal to what they spent last year, despite goods costing more; 12% said they will be spending more despite higher prices. 7% reported they’d be avoiding festive season altogether.
This may be offset by spending in these pre-Christmas sales rather than dealing with recommended retail prices in the lead up to Christmas.
For anyone looking to cover their costs this season, they can compare available personal loans as a means to avoid expensive forms of debt, such as credit cards.
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