Australian shoppers choosing quality over quantity during Black Friday sales blitz: NAB

Australian shoppers have chosen to make fewer purchases while focusing on higher value-items during the major Black Friday sales event.

That’s according to fresh National Australia Bank data on Wednesday, which revealed overall spending was up 4 per cent year-on-year despite the number of transactions falling 4 per cent.

Of the whole sales weekend, Black Friday topped Cyber Monday to record the highest spend.

“Australians are spending more thoughtfully and choosing quality over quantity with sales on big-ticket items like TVs, cameras, and furniture up year-on-year,” NAB business metro executive Julie Rynski said.

“What’s also interesting is the resurgence of in-store shopping as many of us want to see and feel products before we purchase them and want the instant gratification of taking it home with us, especially for those big-ticket items.

“This growth shows bricks-and-mortar stores are here to stay and underscores the importance of in-store shopping experiences during major sales events.”

Ms Rynski said consumers continued to prioritise spending on experiences and were taking advantage of the sales period to plan ahead for their holidays.

Spending on airlines soared 35 per cent, while car rentals rose 23 per cent.

NAB also said spending at electronic stores was up 10 per cent, with transaction numbers also up 17 per cent. The increase in spending on electronics indicated a strong demand for gadgets and tech products, possibly driven by gifting, the bank said.

The Australian Retailers Association estimates shoppers to spend a whopping $6.7 billion over over the four-day sales blitz.

The NAB data comes as London-based cyber security firm Darktrace revealed a surge in retail cyber attacks at the start of the holiday shopping season.

Between November 25 to 29, Christmas and Black Friday-themed phishing attacks leapt 327 per cent and 692 per cent around the world.

These attacks came in the form of brand impersonation, where hackers aims to solicit sensitive information from victims by posing as legitimate companies.

“The festive shopping season creates a perfect storm for cyber criminals,” Darktrace threat research vice president Nathaniel Jones said.

“Consumers are primed to expect floods of retail deals, while retailers are processing tremendous transaction volumes at speed.

“This combination makes spotting suspicious patterns more challenging than at any other part of the year.”