- Cost of living pressures drive businesses to look for new opportunities to attract shoppers
- Budget driven consumers spend more than $8.7 billion across sales events
- NAB warns shoppers to remain vigilant for shopping scams
Australian businesses targeting budget driven consumers have landed record sales with more than an estimated $8.7 billion spent across the four-day Black Friday and Cyber Monday shopping period.
New NAB transaction data* shows spend was up on the $7.1 billion spent in 2022 and 13% up on the month prior** with the strongest performing categories including:
- Cosmetic stores, up 165%
- Camera stores, up 154%
- Electronic stores, up 100%
- Clothing stores, up 81% on the month prior
NAB Executive for Small Business Ana Marinkovic said each year the American inspired shopping phenomenon becomes more popular with businesses, with many offering steep discounts to attract those customers looking to squeeze more value from their hard-earned cash.
“Cost of living pressures are driving businesses to be more creative around how they attract consumers being more thoughtful with their spending – one being participation in mega shopping events such as Black Friday and Cyber Monday,” Ms Marinkovic said.
“Many Australians will use these sales to grab a bargain or do their Christmas shopping, while for businesses it’s an opportunity to end the year on a strong note.”
David Jackson, owner of Australian menswear brand Peter Jackson, said the Black Friday and Cyber Monday sales events have become one of their busiest, and this year was no exception.
“The whole sales weekend is gaining traction across the country, and both are now a permanent fixture in our calendar as they are key to driving strong revenue into the Christmas break while also helping increase brand awareness,” Mr Jackson said.
“We know many Australians are waiting for the mega sales before making a purchase, and it’s not just Black Friday and Cyber Monday, it’s the whole weekend.
“This year’s sales saw incredible growth compared to last year, well exceeding our expectations. Every past record was smashed – average dollar, units sold – probably 60% up on 2022.”
Ms Marinkovic also encouraged business owners and shoppers to be alert for red flags, including suspicious website scams and text messages about parcel deliveries, with such scams even more prevalent this time of year.
“Around these key shopping periods every year we see an increase in criminals targeting well-known brands and clothing labels by creating fake shopping websites to rip off unsuspecting shoppers,” Ms Marinkovic said.
“If you’re a business owner, regularly search the internet for fake websites and ads imitating your business. And report fake websites and social media sites to Scamwatch, social media platforms and search engines.
“Dodgy phishing messages and spoofing scams that pretend to be from a delivery company also spike at this time of the year. If in doubt, contact the delivery company directly through their official channels and never click on links in suspicious looking messages or emails.
“If you think you have been scammed, contact your bank immediately.”
- * Spend estimates taken from NAB merchant terminals between 24 – 27 November 2023.
- ** Spend estimates taken from NAB merchant terminals between 24 – 27 November 2023 vs 27 – 30 October 2023.
- NAB is currently in the process of rolling out Nextgen EFTPOS terminals with 4G connectivity, Merchant Choice Routing, data analytics and leading accessibility features.
- NAB is currently piloting a new merchant payment gateway offering customers and merchants a safer way to transact, digital wallet payments, and a more seamless checkout experience.
- More information about online shopping scams is available via nab.com.au/security.