The National Retail Association expects there will be up to $6.3 billion worth of sales across four days while comparison website Finder went even further and predicted a $6.7 billion spend.
The association's director Rob Godwin said by early Friday afternoon retailers had already seen double-digit growth in online foot traffic on top of extra people in physical stores.
"Cyber weekend is here, and it's here with a bang," Mr Godwin said, using the term for online discounts and free shipping many retailers offer across four days.
Happy — Australian Retailers Association (ARA) (@retailaustralia) #BlackFriday - the biggest shopping weekend of the year is now underway! ��Wishing all retailers a successful weekend – and a great boost to your Christmas shopping season.Read our @salesforce @roymorganaus spending insights: https://t.co/EdjIBObym3#retail #sales pic.twitter.com/LoW4ZN0KvNNovember 23, 2023
He said many customers had recently put off purchases so they could spend big on Black Friday, with festive season shopping flat until now.
"It has been a really good start," Mr Godwin said.
"What we want to see though is a continuation through the next four days."
Foot traffic this year at the nation's largest shopping centre Chadstone has already eclipsed 2022, according to Chadstone's centre manager Daniel Boyle.
He said there were more customers on Boxing Day but people were spending more on Black Friday.
"The average spend is slightly up at about 16 per cent on what a customer would spend on Boxing Day," he said.
"So it's terrific for customers to receive some great deals and it's also fantastic for the retailers."
A Finder survey shows 9.3 million Australians have already taken part in or plan to shop the sales. (Con Chronis/AAP PHOTOS)
A Finder survey of 1063 people showed that 9.3 million Australians have already taken part in or planned to shop the sales.
The large number of shoppers is partially attributed to people trying to find a way through rising cost of living pressures, Finder head of consumer research Graham Cooke said.
"Shoppers are increasingly looking for bargains to stretch their dollar in the lead-up to Christmas," he said.
Some 61 per cent of shoppers have been eyeing clothes and shoes, followed in popularity by electronics and gadgets, beauty, alcohol, accessories and toys.
Mr Cooke said the categories shoppers were planning to save on had not necessarily seen the highest price increases.
"Eight out of the top 10 price increases are for food items - so consumers might be better off hunting for discounts in the grocery aisle rather than the clothes shop," he said.
Two in five Australians have been waiting to bag a bargain in the Black Friday sales. (Con Chronis/AAP PHOTOS)
Black Friday sales are held on the Friday after Thanksgiving in the United States and gained traction in Australia in the past decade.
The National Retail Association also said consumer confidence had been dented by the latest interest rate hike so the industry was banking on a Black Friday boost.
"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," Mr Godwin said.
But confidence could fall even further soon with future rate hikes expected in the coming months.
The sales also come days after Reserve Bank governor Michele Bullock said the nation's inflation challenge was "increasingly homegrown and demand-driven".
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