2020 Black Friday & Cyber Monday sales to be bigger than ever
26 November 2020
The Black Friday and Cyber Monday sales - which start tomorrow - are expected to be bigger than ever this year. Forecasts predict 13.8 million Australian consumers will spend about $5 billion over the four-day sales period, up from an estimated $3.9 billion in 2019.
The promotion, which is relatively new in Australia, started in the US in the 1950s and has since spread around the world. The acceleration of online shopping across more and more age groups has further cemented the campaign, with experts saying it will remain a permanent feature on Australia’s retail calendar.
BDO’s National Leader for Retail, Mark Schiavello, spoke to the Australian Financial Review this week about why this year’s sales will be bigger than ever.
“This year the Black Friday and Cyber Monday weekend will be even bigger than last year for a couple of reasons. Consumers are still anxious about shopping in stores following the pandemic, the conclusion of lockdown has created optimism among consumers increasing their willingness to spend, and importantly, consumers of all ages are now conditioned to shopping online – which was not the case 12 months ago,” Mark said.
“Online sales will be key for Australian retailers this holiday season, kicking off with Black Friday and Cyber Monday this weekend. Retailers who have been building and evolving their online capability throughout the pandemic should take advantage of people’s willingness to spend online this weekend,” he said.
“For many retailers Black Friday and Cyber Monday will take away from their December sales, however, this is now a key sales period that needs to be factored in to annual forecasts because it’s not going away. Retailers should use this weekend as a platform to thrive in the new normal.”
“Right now Australians are very keen to shop local and support Australian brands. So if you manufacture locally, or do something else to give back to the local community, you need to tell your customers about it. Local support will be a key driver for many shoppers this holiday season.”
Read the story in the AFR: 'Frenetic activity': Black Friday sales tipped to reach $5b (afr.com)