LSKD Experiences Early Sales Surge
While Black Friday sales traditionally begin on the Friday after Thanksgiving, activewear brand LSKD decided to start their sales a week earlier. This decision proved to be a wise one, as the company experienced a massive influx of orders, exceeding 127,000 within the first five days.
LSKD founder and CEO Jason Daniel acknowledges that other brands are starting their sales even earlier, but he believes that LSKD's later start still gives them an edge. The company's strategy of infrequent, large-scale sales has also contributed to the high volume of orders.
Black Friday Expected to be Biggest Ever
This year's Black Friday sales are expected to be the biggest ever, with Australians projected to spend $6.7 billion over the four-day period. This represents a 5.5% increase compared to last year. The surge in sales is welcome news for the retail sector, which has been struggling with higher costs and increased competition.
Consumers Turning to Buy Now, Pay Later Services
With the rising cost of living and higher interest rates, more shoppers are turning to buy now, pay later services like Afterpay. This trend is expected to continue during Black Friday, as consumers look for ways to manage their holiday spending.
Financial Experts Warn of Overspending
Financial experts warn consumers to be cautious about overspending during Black Friday sales. The National Debt Helpline anticipates a surge in calls from people struggling to afford Christmas gifts due to Black Friday purchases.
ACCC Warns of Online Scams
The Australian Competition and Consumer Commission (ACCC) urges shoppers to be wary of online scams during Black Friday sales. Consumers are advised to be cautious of deals that seem too good to be true.
Black Friday Spending Could Impact Inflation
The surge in spending during Black Friday could have a temporary impact on inflation in the months ahead. However, economists believe that the effect is unlikely to be significant enough to influence the timing of interest rate cuts by the Reserve Bank.