Aussies spend up big during the Black Friday sales

The 2024 Black Friday sales could be the biggest ever, early data from the big four banks and major retailers suggests.

Bargain hunting Aussies spent up big during the Black Friday sales, with consumers looking to get ahead on their Christmas shopping.

Spending increased by 1.3 per cent over the month of November, newly released figures from the CommBank Household Spending Insights (HSI) index showed

The data suggests Aussies will be gifting clothes this year, with spending on fashion jumping 30 per cent month-on-month at men’s and women’s clothing stores.

CBA chief economist Stephen Halmarick said spending patterns in November 2024 largely matched 2023, with Aussies spending up big in retail and on household goods.

The Black Friday sales were a hit with Aussies. Picture: NewsWire / Luis Enrique Ascui

“We’re seeing Black Friday and holiday spending shift earlier, as retailers entice shoppers with early discounts on discretionary items. Collectively, sales for October and November 2024 were up 2 per cent compared to the same period last year,” he said.

Eight of the 12 HSI spending categories rose in November, According to Commbank’s figures, with other notable uplifts in hospitality (+2.2 percent) and food beverage goods (+1.7 per cent).

On the other side, recreation spending fell 2.2 per cent off the back of ticketing services nosediving 33 per cent following a bumper September and October.

One bright spot in ticketing spending was cinema spending, which soared nearly 45 per cent, as blockbusters such as Gladiator 2, Wicked and Disney’s Moana 2 enticed moviegoers.

While retail spending was up in several categories due to the “very volatile” spending nature of this period, CBA couldn’t confirm if it was a record Black Friday period.

Prior to Black Friday, Roy Morgan forecast sales of $6.7bn over the four-day period.

Commonwealth Bank data also showed the disparity in spending across home ownership status remains, with spending by renters up just 0.4 per cent for the year to November compared with mortgage holders (+1.6 per cent) and those who own their home outright (+2.7 per cent).

“Bargain hunters taking advantage of Black Friday sales drove an increase in spending in November, broadly in line with 2023, and we expect to see a drop off in spending in December as we have seen in previous years,” Mr Halmarick said.

Aussies returned to the movies in droves, according to the latest spending data. Picture: NewsWire

Meanwhile, NAB transaction data for the Black Friday weekend shows a 4 per cent increase in spending year-on-year, although transaction volume fell as Aussies chose to focus on higher-value items.

NAB executive business metro Julie Rynski said Australians were focusing on big-ticket items, with electronic stores spending up 10 per cent and shoppers targeting items like TVs, cameras and furniture during the Black Friday period.

“Aussie consumers also continue to prioritise spending on experiences and are taking advantage of the sales period to plan ahead for their holidays, with spending soaring on cheaper airfares and car rentals,” she said.

Airlines spending soared by 35 per cent. This surge indicates a strong recovery in the travel sector, with consumers eager to book flights for the holiday season.

“What’s also interesting is the resurgence of in-store shopping, as many of us want to see and feel products before we purchase them and want the instant gratification of taking it home with us, especially for those big-ticket items,” Ms Rynski said.

Black Friday was a hit for retailers. Picture: NewsWire / Luis Enrique Ascui

Shopify merchants recorded 24 per cent sales growth, highlighting the continued dominance of mobile shopping and strategic consumer spending.

According to Shopify data, merchant sales in the Asia-Pacific grew more than 29 per cent, and in Australia the number of consumers purchasing has grown by 14 per cent since last year.

“While the cost-of-living continues to influence consumer shopping behaviour, the number of Australians purchasing from merchants grew 14 per cent and average cart size grew 23 per cent – suggesting many are becoming more strategic with their spending as they seize value-driven deals,” Shopify managing director APAC Shaun Broughton said.