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Black Friday sales lead to retail turnover surge

By: margaretrivermail

  • Jan 09 2024
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Shoppers spending big at the Black Friday sales have delivered a larger-than-expected boost to retail figures. Australian Bureau of Statistics figures showed retail turnover rose by two per cent in November, following a 0.4 per cent drop in October. Consumers using longer Black Friday sales periods to carry out shopping in the lead-up to Christmas was a major factor in the retail uptick. The bureau's head of business statistics Robert Ewing said shoppers held back on discretionary spending during October in preparation for the November sales. "Black Friday sales were again a big hit this year, with retailers starting promotional periods earlier and running them for longer compared to previous years," he said. "The popularity of Black Friday events is affecting spending patterns in the lead-up to Christmas, this causes more volatile monthly movements in seasonally adjusted data." The retail surge during November was driven by an increase in spending on household goods, which rose by 7.5 per cent, followed by department stores at 4.2 per cent, clothing and footwear at 2.7 per cent, while other retail increased by 1.1 per cent. Food-related industries also had an uptick, with a 0.4 per cent increase in cafes, restaurants and takeaway food spending. "Retailers told us that the success of Black Friday sales was boosted by consumers seeking out discounts in response to cost-of-living pressures," Mr Ewing said. "It's clear that spending during Black Friday sales continues to grow across the country, with retail turnover increasing by more than one per cent in all states and territories." South Australia registered the largest rise of 2.8 per cent in retail spending, followed by Victoria with 2.4 per cent and Queensland with 2.2 per cent. Australian Associated Press

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