Australians are tipped to spend $5.4 billion in stores and online over the upcoming Cyber weekend period, according to the ARA and Roy Morgan.
According to ARA boss Paul Zahra, the shopping event, which originated in the United States, has been embraced by Australians and has made November the biggest shopping month of the year.
“For the past two years, November has beaten December as the biggest month for Australian retail sales throughout the year,” Zahra said.
“The Black Friday and Cyber Monday sales provide strong momentum for Australian retailers heading into Christmas, [which is] the most critical time of year on the retail calendar when most discretionary retailers make up to two thirds of their profits.”
However, Zahra noted that shipping delays, supply chain issues and the threat of industrial action from port workers and delivery drivers have created a “perfect storm” of issues in the retail industry, and that consumers should get in quick to ensure they get the products they want in time for the holidays.
Zahra has previously said this Christmas period could be make-or-break for the many retailers that have struggled with the fallout from pandemic-induced trading and movement restrictions.
“With Christmas just  days away, discretionary retailers will be looking to make up for the substantial trading losses they’ve suffered in the locked down states during the busy festive shopping period,” Zahra said.