Are Aussies in the mood for Black Friday deals?

Image: Getty

Despite an expected softening in the pre-Christmas spending period, the popularity of Black Friday is set to continue, giving retailers a big boost to the holiday shopping season.

Shoppers are tipped to spend $6.36bn across the four-day Black Friday/Cyber Monday weekend, up 3% from last year, according to research by the Australian Retailers Association and Roy Morgan.

Data from ING reiterates the point. It suggests more Aussies than ever will hit the 2023 Black Friday sales and are actually set to spend a collective $10.8bn with clothes (51%), Christmas presents (46%) and tech (41%) top of the list. 

The people at Shopify agree. Their survey notes that 70% of shoppers are more likely to shop during the Black Friday weekend and upcoming sales to get more bang for their buck.

‘Bang for buck’ is a phrase you will hear a lot in the next couple of weeks. So, yes, we’re ready to open our wallets it seems.

And yet, many research and media reports tell us that Aussies are cutting back right now due to higher living costs. So how do we interpret these contradictory ideas?

Well, this is where the story takes a compelling turn because there are those data experts out there that say the weight of high cost living will actually be the circumstance that propels more people to spend (and save!) during the Black Friday sales.

Indeed, projections on the total amount spent are larger than a year ago and this might be because of pre-sale interest. For example, figures from business communications company Esendex show that 59% of Australians wanted to hear about the sales a month before Black Friday.

Furthermore, the chief executive at the Retailers Association, Paul Zahra says Aussies will be deliberate about their spending and are on the hunt for deals.

“Many Australians are under significant financial pressure, and their Christmas gifting behaviour will reflect this,” Zahra said. “A big part of their buying mentality will be geared towards bang for their buck. Shoppers will actively seek out good deals but they’re still looking for gifts that reflect their personal values. 

“For retailers, sales and promotions will be more important than ever this year – especially on the marquee Black Friday and Cyber Monday weekend. 

“With increased competition and reduced spending across discretionary categories, retailers will be mindful of shopper’s shifting spending focus and will be motivated to entice shoppers however they can.” 

Finally, it should be noted that Aussies are aiming to spend up on Christmas. In its Cost of Christmas report, money transfer firm World Remit found that despite high prices, Australian families are expected to spend an average of $1,864 per household on the holidays this year, most of which will be dedicated to gifts. 

If you’re looking for a way to improve your budget, why not check out our guide on how to create a Christmas savings plan. Meanwhile, you might want to park some savings amid all the shopping. Our Mozo experts have picked some of the top savings accounts for you to compare below.

Compare the top savings accounts - last updated 17 April 2024

Search promoted savings accounts below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    High Interest Savings Account

    5.75% p.a. (for $0 to $250,001)

    4.40% p.a.(for $0 to $250,001)

    Yes up to $250,000

    Bonus rate for the first 4 months from account opening

    Reward yourself with a higher rate for your good savings habits with the Rabobank High Interest Savings Account . Receive the maximum rate when you grow your balance by at least $200 each month. No Account keeping fees. No minimum balance.

  • Savings Account

    5.35% p.a. (for $0 to $250,000)

    4.75% p.a.(for $0 to $1,000,000)

    Yes up to $250,000

    Bonus variable rate is available for the first four months.

    Competitive introductory variable rate for first 4 months (on deposits up to $250,000). No account keeping fees to pay. Multiple 2023 Mozo Experts Choice Award winner.

  • High Interest Save Account

    5.10% p.a. (for $0 to $250,000)

    0.10% p.a.(for $0 and over)

    Yes up to $250,000

    Deposit at least $200 to either Spend or Save account from an external source each month.

    No monthly fees on any of your save accounts. Split your money with up to 10 Save accounts. Set savings targets and track the progress of all your Save accounts. Deposits guaranteed up to $250K per customer.

  • Mozo Expert Choice Badge
    AMP Saver Account

    5.40% p.a. (for $0 to $250,000)

    1.20% p.a.(for $0 to $5,000,000)

    Yes up to $250,000

    Enjoy a bonus rate when you deposit at least $1000 per month with the AMP Saver Account.

    No account fees. Unlimited transactions when linked to an AMP Bank transaction account. Easy online access to your money. Option to link your savings account to an everyday transaction account. 2024 Mozo Experts Choice Award winner.

  • Savings+Bonus

    5.00% p.a. (for $0 to $250,000)

    2.00% p.a.(for $0 to $250,000)

    Yes up to $250,000

    Earn a generous interest rate on your at-call savings (T&Cs apply). Interest is calculated daily and paid to you monthly. A $5 monthly membership fee will not apply if your total account balances with First Option Bank exceed $1,000 or you have a credit card or loan with the bank.