Commonwealth Bank had tipped this year's Black Friday weekend to be the biggest in Australia's history and while early data suggests it didn't quite get there, spending did surge.

According to the bank, online spending on clothing as well as sales in both department and electronics stores soared by over 100% over the four-day period between Black Friday and Cyber Monday, compared to the average amount spent in the three weeks before. 

Black Friday saw online spending on clothing and footwear surge by 213% in comparison to the three weeks prior. Online spending in department and electronics stores also increased by 267% on Black Friday.

Need somewhere to store cash and earn interest? The table below features savings accounts with some of the highest interest rates on the market.

Rates
Features
Conditions
Other
Provider
4000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
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Savings Account

  • A high-interest online savings account with no monthly fees, easy withdrawals and award-winning digital banking
  • No withdrawal notice periods or interest rate penalties
  • Save up to 10% on eGift cards at over 50 retailers with Macquarie Marketplace
More details
Disclosure
400$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
Disclosure

Savings Accelerator

  • Special offer: Savings Accelerator (Kick Starter offer).
  • For a limited time, new ING customers can get a bonus 0.70% p.a. on their savings rate on balances of $150,000 up to $500,000 for the first 4 months. T&Cs apply.
  • If your balance is over $500,000 (but less than $5 million) you will earn the ongoing variable rate of 4.7%
More details
Disclosure
000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
Disclosure

Save Account

  • Set up your Pay Cycle and connect your accounts from over 140 financial institutions.
  • Retrace your spending steps into categories with Spending Footprint.
  • Start tapping straightaway with Apple Pay, Google Pay™, Samsung Pay, and Garmin Pay.
  • No monthly or international fees on any of your transactions.
More details
Disclosure
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money

AMP Saver Account

  • Earn up to 5.20% pa by depositing $1,000 in the previous month
  • No account fees
  • Easy access to your money
More details
010000$product[$field["value"]]$product[$field["value"]]$product[$field["value"]]More details
  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
Disclosure

Savings Maximiser

  • Deposit at least $1,000+ each month from an external source
  • Make 5 or more eligible transactions
  • Grow your savings balance each month
More details
Disclosure
  • Increase your balance by $200 each month to earn the maximum interest
  • No account keeping fees
  • No minimum balance
  • Interest paid monthly

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Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of November 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

Black Friday's ugly cousin Cyber Monday also saw a spike in online sales, albeit slightly less with spending on clothing and footwear up 105% and department and electronics stores by 83% in comparison.

Overall, the biggest weekend in the shopping calendar saw online spend on clothing and footwear up 140%, while online purchases at department and electronics stores were up 105%.

While the amount spent over the 2020 Black Friday weekend was significantly higher than the average amount spent in the three weeks leading up, it fell short of what was spent in 2019.

Last year, online spending was up 120% over the four-day period, while this year only saw a 91% lift.

Head of Retail and Diversified Industries in CBA’s Business Banking division Jerry Macey said the surge in online sales shows how keen Aussies are to snag a bargain before Christmas.

“The strong growth in the amount spent buying clothing and footwear online is very reflective of the current climate. As many of the states gradually come out of lockdown and we head into the summer season, Australians are keen to restock and renew their wardrobes,” he said. 

“Businesses are acutely aware of the growing popularity of the Black Friday to Cyber Monday period, and are increasingly using this time as an opportunity to attract new customers, unload some of their inventory, and head into the end of the year with positive momentum.

“Many of our retail business customers have significantly grown online sales this year due to the current pandemic. As such, they were already well set-up and prepared for this year’s Black Friday to Cyber Monday sales.”

As for what Aussies shopped in the sales, data from TransferWise shows appliances, beauty products and books were most popular, with sales for those items up 380%, 220% and 79% respectively on Black Friday.

With borders beginning to reopen and domestic travel back on the cards for many Australians, airline purchases were up 131%, while camping sales spiked by 190% and hotels and AirBnB sales surged 128% as people make summer holiday plans.

The decline in bricks and mortar stores, particularly department stores, was apparent with Black Friday only increasing sales by 18% in Myer.

In contrast, e-commerce clothing stores saw a 127% surge in spend, with ASOS and Zara coming out on top.

Photo by Finn Whelen on Unsplash