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ANZ Data Show Softer Spending Over Black Friday Weekend

AUSTRALIA DATA

ANZ data based on card transactions showed that spending over the Black Friday shopping weekend (November 25-28) was 10% lower than 2019 and 20% lower than the peak in 2020. November as a whole was soft. It is difficult to conclude that this is due to higher rates and cost of living or because of a switch to spending on services.

  • Household consumption in yesterday’s Q3 national accounts was robust due to services spending rather than retail. The post-Covid opening has allowed people to move freely internally and externally again and data is showing that people are spending considerably on travel services.
  • Most key sectors were down during the Black Friday weekend compared with 2021 but department store sales were up slightly.
  • November non-food spending online was 15% higher than for the rest of the year, reflecting Black Friday discounts.
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