Head of Consumer and Diversified Industries in CBA’s Business Banking division, Jerry Macey, said the increase in spending in 2020 was pleasing – especially considering the country was in the midst of a once-in-a-generation global health pandemic.
“The increase in sales in 2020 in comparison to 2019 bodes well for the Black Friday sales this coming weekend,” he said.
“Shoppers across the country are increasingly taking advantage of the recent move towards pre-Christmas discounting and we would expect this trend to continue this year.
“Businesses are viewing the Black Friday and Cyber Monday weekend period as an opportunity for them to grow their customer base as spending patterns and behaviours change. It also presents an opportunity for retailers to bring forward sales, optimise their inventory and enhance performance for the year if they manage these sales events well.”
Judging by spending trends of previous years, the big winners this year are expected to be clothing and cosmetic retailers.
Last year, clothing retailers recorded a 34 per cent spike in spending over the Black Friday period when compared to the same days of the week prior, while cosmetic merchants enjoyed a 46 per cent jump in spending over the same period.
Furniture and electronic retailers also enjoyed a strong jump in consumer spending last year, with furniture businesses recording a 33 per cent boost in spending over the Black Friday four-day period when compared with the week prior, while electronic sales soared 26 per cent.
However, it is not just the spending trends of previous years that have merchants eagerly anticipating the weekend ahead, with new CommBank research showing the majority of customers are keen to take advantage of discounted products and services.
As per the latest CommBank shopping insights, 82 per cent of Aussies will try to make the most of any discount or rewards available to them, while 80 per cent said they are encouraged to shop again at those retailers offering discounts or rewards.
To support Australian retailers and CBA customers, CommBank is connecting customers with personalised shopping offers in time for Black Friday.
CBA’s Shopping offering comprises the newly launched deal discovery app, Cheddar, investment in gift card disrupter, Karta, its partnership with online shopping hub, Little Birdie, 50:50 partnership with Klarna Australia and its cashback program, CommBank Rewards. It also follows the bank’s partnership with global AI leader, H2O.ai, which will boost the bank’s AI capabilities and help to bring more relevant, personalised offers to customers.
By bringing together the market-leading CommBank app, rich customer data and extensive business relationships, the bank is seeking to create more personalised shopping experiences for consumers and businesses.
This year, Black Friday and Cyber Monday fall on Friday 26 November and Monday 29 November 2021 respectively.
Notes to editors:
Data based on CBA merchants data (terminals and eCommerce) from 27–30 November 2020 (inclusive) compared with 29 November – 2 December 2019 (inclusive).
Shopping research was in field from 27-30 July 2021. The total sample included 1,000 respondents. For some questions, respondents selected more than one response.