The state of New South Wales is projected to strike the largest share of Black Friday sales at $1.99 billion, the National Retail Association (NRA) predicts.
This is less than Victoria, which is expected to hit $1.63 billion, with Queensland expected to come in third at $1.28 billion.
This is followed by Western Australia ($692 million), South Australia ($400 million), Tasmania ($124 million), Australian Capital Territory ($115 million) and Northern Territory ($51 million).
The overall weekend sales event is pitted to hit $6.3 billion in total sales, which is 10% of the total festive season spend.
NRA director Rob Godwin said retailers are churning out some of the biggest discounts seen industry-wide for the increasingly popular shopping event.
“Retailers are ramping up their discount offerings in the leadup to Black Friday and Cyber Monday to make up for an underwhelming year of sales,” Godwin said.
“Savvy shoppers want to get their holiday shopping done before December, and retailers across Australia have taken notice, having brought forward their discounting strategies in the face of flat festive season sales.
“Black Friday will be a get-set-go event for retailers struggling to make it to Christmas season, pushing out an unbelievable number of deals to get consumers through the door,” he said.
This comes as consumer confidence backtracks from gains following the latest cash rate hike by the Reserve Bank of Australia. Much like retailers, the NRA noted shoppers are hoping Black Friday deals will be enough to get them through Christmas.
“Expect shoppers’ attention to be pulled in a hundred different directions,” Godwin said. “If there was ever a time to fearlessly spend, this year’s Black Friday and Cyber Monday event would be it.
“The good news is the Black Friday and Cyber Monday sales could be the clean slate retailers are vying for so they can get through to next year’s quieter beginnings.
“As anticipation for the premier shopping event grows, Black Friday and Cyber Monday are shaping up to be an early Christmas gift for Australian retailers and shoppers alike.”