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Black Friday and Cyber Monday break retail sales records

Motley Fool Staff
Man holding smartphone with shopping cart icon

One of the biggest online sales weekends has just finished and it has been a big one for some of Australia’s biggest retail websites. It was also a big weekend for bricks and mortar retailers.

According to reporting by the Australian Financial Review, Amazon, eBay and Kogan.Com Ltd (ASX: KGN) all broke records between Friday and Monday.

Scentre Group (ASX: SCG) said that sales were higher than expected at bricks and mortars. The AFR quoted Scentre director of customer experience Phil McAveety, “We observed a strong uplift in customer and carpark traffic and valet services over the four-day period across our entire portfolio.”

Politicians and retailers alike are hoping that the recovery of the Australian housing market will cause retail sales to rise on the back of higher consumer confidence because of the “wealth effect”.

Analysts will now be keeping an eye on whether the rest of the lead up to Christmas shows an uplift in sales or whether the cyber weekend sales was the peak.

The post Black Friday and Cyber Monday break retail sales records appeared first on Motley Fool Australia.

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The Motley Fool Australia has recommended ltd and Scentre Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019