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Cyber Week spending stays flat on record-setting 2020: CBA

(Source: Bigstock.)

Australian consumers spent more than $8 billion across the Cyber Week shopping event, according to a NAB analysis.

NAB found that the big winners were technology retailers, which saw sales jump 168 per cent compared to the same period during pre-pandemic 2019, and footwear brands, which saw sales jump 92 per cent.

Compared to 2020, however, the event was fairly flat. CommBank head of consumer and diversified industries Jerry Macey said this was unsurprising given the supply chain challenges that have impacted most parts of retail over the past two years.

Regardless, NAB group executive Andrew Irvine said it was great to see customers out and shopping again, and that business is “up and running again”.

“We’ve talked to much about the pivot to digital but it’s clear that the ground work laid by businesses over the past two years has positioned them well to capitalise on these sales events,” said Irvine.

“It was great to see people out and about making the most of bargains as well as spending big online.”

Macey agreed, adding that it was clear customers wanted to get in early ahead of the looming holiday season: with it’s own data finding that clothing retail was one of the bigger winners of the period.

“It’s no surprise to see Aussies looking to refresh their wardrobes, given that many parts of the country have recently emerged from an extended period of lockdown, and retailers are providing attractive discounts to encourage discretionary spending,” Macey said.

Earlier this week, Shopify found that businesses powered by its own platform saw sales rise 34 per cent over the same period of last year, signaling a larger move online.

“From in-store retailers to online, and even viral TikTok must haves, these Black Friday sales show that independent businesses are having a massive impact on global e-commerce [and] consumer support for independent brands is at an all-time high,” said Shopify president Harley Finkenstein.

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