Good news for retailers with spending spree predicted for Black Friday
24 Nov 2020
Fifty-seven per cent of consumers plan to shop during the Black Friday sales, up from 45% who said they participated last year, according to fresh research from MYOB. At a traditionally expensive time of year, 45% will rely on the sales to save money on their Christmas shopping.
Of the 1,012 consumers surveyed, almost half (49%) expect to see more products discounted this year and 42% expect businesses to offer higher discounts, with the sales period presenting an opportunity for online retailers of all sizes.
A desire for discounted goods is unsurprising following what has been a year of economic uncertainty for many, according to MYOB Economist Jon Manning.
“It’s natural for consumers to be cautious of their spending, particularly if they’ve had a year of financial turmoil.
“Despite consumers’ desire for discounts, preliminary retail trade data from the ABS for October shows an increase in spending compared to 2019, suggesting a strong Christmas period ahead.”
Black Friday sales have traditionally kicked off a series of deals offered online by major online stores, but increasing numbers of local small businesses are getting involved.
Sarah Rudd, who owns a small e-commerce company Caye Life, says sales at the sustainable drink container business are traditionally reduced in early November as consumers wait for Black Friday sales to be announced.
“At this time of year people are looking for value and they’ve come to expect these sales at the end of the month. Black Friday has become an online event for retailers of all sizes.
“It’s a great time to get sales, particularly if you offer a product that people see value in ordering ahead of the Christmas rush.
“For businesses like mine that generally rely on events, which were cancelled throughout the year, having an influx of online activity is a great lead in to the Christmas trading period.”
For further comment or other information please contact:
Selina Ife, Communications Consultant, MYOB
MYOB is a leading business platform with a core purpose of helping more businesses in Australia and New Zealand start, survive and succeed. At the heart of MYOB is a customer base of 1.2 million businesses and a network of more than 40,000 accountants, bookkeepers and consultants, for whom MYOB delivers end-to-end business and accounting solutions. MYOB operates across four key segments: Small and Medium Enterprises (SME), Enterprise, Financial Services and Practice. For more information visit myob.com or follow @MYOB on Twitter.