Aussie shoppers waiting for Black Friday to ease cost of living pressure: research-Xinhua

Aussie shoppers waiting for Black Friday to ease cost of living pressure: research

Source: Xinhua| 2022-11-23 16:12:15|Editor: huaxia

SYDNEY, Nov. 23 (Xinhua) -- As this year's Black Friday and Cyber Monday sales are coming, a consumer research released on Wednesday showed Australians are delaying purchases until the annual shopping events to help ease the cost of living pressures.

The research by the Commonwealth Bank Australia (CBA), the country's major business bank, revealed that seven in 10 shoppers plan to buy essential items or larger items at the sales, while almost two in five shoppers said they were delaying their normal purchases until the sales, due to the rising cost of living.

The bank's credit and debit card spending data to Nov. 11 also showed a decrease in nominal spending growth over the first two weeks of November, with clothing, footwear and general retail spending growth easing over the fortnight.

"Elevated inflation and higher prices are putting pressure on many households which is making everyday savings top of mind for many Australians," said CBA General Manager for Shopping Rochelle Eldridge.

"The sales are also a great opportunity to get ahead on Christmas shopping, or to spend less on bigger household expenses."

Latest data from the Australian Bureau of Statistics showed the country's annual inflation hit a 32-year high of 7.3 percent, and the living cost indexes for all household types recorded their largest annual rise on record in the September quarter.

According to a survey conducted by the Australian Retailers Association (ARA) and Roy Morgan, the four-day Black Friday/Cyber Monday sales are forecasted to reach 6.2 billion Australian dollars (about 4 billion U.S. dollars).