News

Small business boost as Aussie shoppers seek Christmas bargains at Black Friday sales

- November 20, 2023 2 MIN READ

 

In a bid to combat the cost-of-living Grinch, three in four Australians (75 per cent) are gearing up for a Black Friday shopping spree this year, up 13 per cent compared to 2022.

The findings come from a recent survey by business management platform MYOB, shedding light on a growing trend of seeking savings during the festive season.

According to the research, more than half of the respondents (55 per cent) are relying on Black Friday sales events to trim down their Christmas shopping bills, reflecting the intensifying cost-of-living pressures leading into summer.

Key points:
  • 75% of Australians plan a Black Friday shopping spree, a 13% increase from 2022.
  • 51% believe all businesses should offer Black Friday discounts.
  • 48% of consumers prefer supporting small businesses despite challenges.

The study, encompassing over 1,000 Australian consumers, underscores that 52 per cent of respondents are anxious about managing their Christmas budget this year. Price reigns supreme in the gift purchase decision-making process for 68 per cent of participants, closely followed by quality at 51 per cent. The financial strain is evident, with 40 per cent opting to use credit cards for Christmas shopping and 35 per cent tapping into their savings.


Over half of those surveyed (51 per cent) expect all businesses, irrespective of size, should offer discounts during the Black Friday sales event.

MYOB’s General Manager SME, Emma Fawcett, acknowledged the challenges these large discount events pose for smaller businesses but emphasized that consumers are still keen on supporting local and Australian retailers.

“Between interest rates, groceries, bills, and general increase in costs, consumers are looking to make their dollar go further this Christmas with discount gift options. While these large discount events can present a challenge for the smaller businesses, the good news is consumers are still looking to support local and Australian retailers,” Fawcett said.

Despite financial pressures, the survey reveals that only 27 per cent of respondents intend to focus more on purchasing Christmas gifts through large discount websites like Temu or Wish this year.


In good news for business owners, almost half (48 per cent) express a preference for supporting small businesses. The survey also highlights that in-person shopping at Australian mainstream stores (49 per cent) and local shops or neighbourhood shopping centres (48 per cent) remains popular.

Fawcett commented on the significance of the Black Friday and festive season for small businesses, stating,

“Black Friday and the end of the year festive season is vital for the revenue of many small businesses around the country. Consumers are feeling the pinch, but if retailers offer quality products and attractive deals, they will look to shop local and support Australian businesses.”

With the Australian Retailers Association projecting a whopping $66.8 billion spending spree between November and Christmas Eve, the stage is set for small businesses to capitalise on the holiday rush.

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