Black Friday is the retail super-day popular in the U.S. and in 2019 it will take place on November 29. It is the day following the Thanksgiving public holiday and in some states, it is an additional holiday. All of this has combined to make it the unofficial start to the Christmas shopping season and the biggest single shopping day of the year.
According to a survey by the National Retail Federation, 66 million US consumers shopped on Black Friday alone, spending a record $5 billion online in the space of 24 hours.
For many stores, Black Friday and the shopping season it launches is a revenue boom that pushes revenues into the black, thus the eponymous name.
Gaining popularity in Australia
Without the Thanksgiving marker, or any public holidays, Black Friday is not as big an event in Australia as it is in the U.S – but it is gaining recognition. Back in 2017, a McCrindle survey showed 1 in 4 Australians had never heard of Black Friday.
In 2019, a McCrindle survey found that only 6% of Australians have never heard of Black Friday.
In fact, this national research we have just conducted shows that 94% of Australians have heard of it, while three in four (77%) Australians know when it is. Just under half (44%) plan to take advantage of the sales and discounts Black Friday will offer, with a third (33%) having heard of Black Friday but not planning on taking advantage of these sales.
The Growth of Cyber Monday
Cyber Monday, the Monday after Black Friday, also popular for online shopping super sales, has lower awareness in Australia.
However, like Black Friday, it is growing in awareness. In 2017, more than half (55%) of Australians had never heard of Cyber Monday, compared to just 26% in 2019.
“Considering we are in a global marketplace, used to adopting retail trends from the US, it doesn’t come as a surprise that these sale super-days in Australia are growing in awareness and uptake. It’s also not surprising that younger generations are more likely to have heard about Black Friday than their older counterparts. Seven in ten (70%) Gen Y’s plan on taking advantage of Black Friday sales, compared to 44% Gen X and 18% of Baby Boomers. With the mass engagement with Black Friday and Cyber Monday in the U.S being around a decade old, we can expect to see a higher profile for these sale days in Australia in the years ahead.” – Ashley Fell, Social Researcher.
Australians are up for a bargain, whatever the day is called, with close to half of Australians (45%) agreeing they will definitely be looking out for stores offering discounts.
Even without the tradition of these sales, or the associated public holidays, late November presents an ideal opportunity for local retailers to kick start their Christmas sales. Therefore, we can expect to hear more about Black Friday in the coming years.
Article supplied with thanks to McCrindle.
About the Author: McCrindle are a team of researchers and communications specialists who discover insights, and tell the story of Australians – what we do, and who we are.