Westpac merchant facilities have directly processed a record 68 million transactions through the Black Friday and Cyber Monday sales (25-30 November), the highest number ever recorded, up 5.7 per cent from the same period last year.
Analysis of merchant trade data shows more people did their shopping on Black Friday this year (13 million transactions), than they did during the Boxing Day sales in 2019 (8 million transactions), demonstrating a major shift in the way Australians do their shopping over the Christmas period.
On Black Friday the state with the highest number of transactions was NSW with 35 per cent followed by Victoria (24%), Queensland (20%), Western Australia (10%), South Australia (7%), ACT (2%) and Northern Territory (1%).
Westpac merchant facilities recorded a significant increase in people shopping at retail outlets for electronics, home furnishings, appliances, toys and games, books, clothing and many more.
Westpac Managing Director – Cash Management, Joanna White said this year’s Black Friday sales have given the Australian economy a well-needed cash injection ahead of Christmas.
“Small and medium-sized businesses have had their toughest year on record. It is heartening to see Australians come out in droves to do their Christmas shopping at local retailers to help support Australia’s economic recovery.
“Black Friday is now Australia’s busiest day for retail trade. In a few short years it has gone from a little-known sales event to become a major day on the Australian shopping calendar.
“The increase in spending also shows Australians who have saved diligently through Covid-19 are feeling more confident about the future.
“When small and medium sized businesses do well, the whole country benefits as the money flows into other parts of the economy through further purchasing of goods and services and increased employment.
“We know our economic recovery is patchy and has a long way to go, but the Black Friday sales figures give us confidence that we are heading in the right direction,” Ms White said.