Australians spent more than an estimated $7.1 billion across the four-day Black Friday and Cyber Monday shopping event, new NAB transaction data shows*.
Spend was up 20% compared with the week prior, with the strongest performer being shoe stores, up 146%. Camera stores were also up 116%, with electronic and clothing stores close behind – both up 65% and 64% respectively.
NAB Executive for Small Business, Ana Marinkovic said this was a clear boost for businesses, with people out and about making the most of the sales available.
“We’re navigating a different economic environment, but our data highlights the resilience of the Australian economy,” Ms Marinkovic said.
“Over 40% of Australians are now creating and following a budget, with people planning out their shopping more thoroughly while hunting down the best sales.
“Each year the deals get bigger and better, with many Australians waiting for the American inspired Black Friday and Cyber Monday discounts before doing their gift shopping.”
The data also shows Australians preferred online shopping to brick and mortar stores, with online spend up 24% and spend at physical terminals up 11% on the week prior.
Nick Jackson, co-owner of menswear brand Peter Jackson, said Black Friday was one of their busiest sales periods and this year was no exception.
“Sales through this year’s Black Friday have been incredibly strong – well exceeding our expectations,” Mr Jackson said.
“Both online and in store sales saw incredible growth compared to last year, and this month is looking to be one of our strongest yet.
“A few years ago, Black Friday didn’t exist, now we’re seeing it become one of our key sales events for the year.”
Broken down by state, the biggest increases in spend were seen in Victoria and Tasmania, up 20%, followed by ACT and WA – up 17% and 12% respectively.
Ms Marinkovic also encouraged shoppers to remain vigilant for dodgy text messages about parcel deliveries, with such scams even more prevalent at this time of year.
“Around these key shopping periods every year we see an increase in dodgy phishing messages and spoofing scams that pretend to be from a delivery company,” Ms Marinkovic said.
“If in doubt, contact the delivery company directly through their official channels and never click on links in suspicious looking messages.”
*Estimates taken from NAB merchant terminal data from Friday 25 November 2022 to Monday 28 November 2022.