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Million dollars a minute: Black Friday splurge to ignite Christmas spending season

Business

Queenslanders are expected to hand over $1.1 billion to retailers over the Black Friday and Cyber Monday sales.

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The NAB has predicted that across Australia about $1 million a minute will be spent on the sales that have become a significant draw for consumers and have brought forward Christmas spending.

Black Friday and Cyber Monday occur on Friday November 26 and Monday November 29 respectively.

The NAB said on-line and physical sales were expected to be $5.5 billion nationally with NSW leading the way with $1.74 billion followed by Victoria ($1.45 billion) and Queensland ($1.12 billion).

It said computers, appliances, games, toys, clothing and cosmetics were forecast to be among the most popular purchases, based on data analysing previous year’s spending trends.

NAB group executive for personal banking Rachel Slade said the shopping season was well and truly underway. 

“Despite originating in America, Black Friday and Cyber Monday are now a shopping bonanza in Australia, with $5.5 billion expected to be spent,” she said.

“One in six of all November retail sales happened during this four-day period last year and we’re anticipating similar trends this year as the economic bounce back continues.

“Our most recent estimates show e-commerce makes up about 15 per cent of all retail sales during the year, but this surges to almost 30 per cent during this discounted shopping period.”

 

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