More than $650m spent over Black Friday weekend this year

Friday, 4 December 2020

Black Friday is looming, with consumers bombed with ads for bigger better bargains to buy now. But are you being gamed?

Shoppers spent almost 4 per cent more over this year’s Black Friday weekend than they did in 2019, Paymark data shows.

Retail shops around the country experienced a 22.7 per cent jump in turnover over Black Friday and the three days following compared to the previous week.

Paymark was unable to reveal how much was spent in total, due to its new French owner Ingenico Group’s policies.

Last year, Kiwis spent $650 million on Black Friday weekend, not including Cyber Monday.

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Economists are forecasting ‘anaemic’ retail spending growth this year as households are squeezed by rising prices, high fuel prices, and increasing mortgage rates.

While spending jumped around the country during the shopping event, Paymark data showed a mixed regional picture.

Spending in Palmerston North, Marlborough, West Coast, South Canterbury and Otago was below year-ago levels, Paymark said.

The annual growth rate was highest in Nelson and Wellington.

Nationwide spending across core retail, excluding hospitality, rose 3 per cent in November on the previous month.

Over the same four weeks, spending at food and liquor merchants increased 6.2 per cent.

But spending declined 0.8 per cent through food and beverage services merchants, 37.2 per cent through accommodation merchants and 10.2 per cent through non-retail merchants.

Last year, Black Friday sales eclipsed Boxing Day as Kiwi retailers made the most of the pre-Christmas spending rush.