The festive season is shaping up to be a lucrative period for Australian small businesses, with data from the Commonwealth Bank (CommBank) suggesting that businesses could see an 11% increase in revenue during November and December compared to average monthly turnover.
“Black Friday and Cyber Monday mark the start of a busy season for Australian small businesses as we head into the last month of the year,” said Rebecca Warren (pictured above), CommBank executive general manager for small business banking
“As consumer demand for a good deal reigns and more competition enters the market, it’s not too late for small businesses to take advantage of tentpole moments like these major shopping events.”
Several sectors are positioned to benefit most from increased spending during the festive season. According to CommBank insights, in December 2023, compared to November, these industries experienced the highest growth:
The Australian Retail Association predicts a record $6.7 billion will be spent during Black Friday and Cyber Monday in 2024, a 5.5% increase from last year.
To capitalise on opportunities during Black Friday and Cyber Monday, CommBank’s Warren offers three key tips:
Regional businesses are also set to benefit, particularly in hospitality sectors such as lodgings and drinking establishments. Meanwhile, metro consumers are expected to focus on bakeries and jewelry.
With strategic planning and strong customer demand, Australian small businesses are poised for a successful holiday season, driven by Black Friday and Cyber Monday, setting the stage for a strong end to the year, CommBank said.
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