Australians will open their wallets to the tune of nearly $1.2 million in every minute of the four-day consumer spree that starts with Black Friday.

The astonishing tally is based on predictions from the Australian Retailers Association and Roy Morgan that a whopping $6.7 billion will be spent from Friday to Monday.

The National Retail Association said it was likely to be a record-breaking year for the pre-festive season sales.

“We expect people to be spending more this year,” NRA interim CEO Lindsay Carroll said.

“We’ve had no rate increases, people are enjoying higher wages, which means savvy shoppers can take advantage of great discounts this Christmas trading period.”

Such has been the growth in Black Friday and Cyber Monday sales in Australia in recent years, they now rival Boxing Day as the biggest days for shopping.

But this year’s figures – a 5.5 per cent increase on 2023 – have also brought warnings for those itching to get spending. Financial comparison website RateCity said the annual sales bonanza could be a debt trap for some.

“The Black Friday sales can be a great way to stock up on the essentials at a discount, but sales like this are designed to get you spending, so make sure you have your wits about you,” money editor Laine Gordon said.

“These events typically have a deadline on them to encourage people to buy on impulse, potentially without thinking through the purchase or doing a price check.”

A RateCity survey of 3000 Australians found that of those who took part in last year’s sales:

• 58 per cent bought Christmas gifts or other gifts on sale
• 31 per cent set a budget and stuck to it
• 25 per cent bought something they didn’t need because it was on sale
• 12 bought something on impulse and regretted it later.

More than half of the respondents (54 per cent) also admitted buying something on special without shopping around, unless it was a “big ticket item”.

“This year’s sales come after years spent battling a cost-of-living crisis and record high interest rates, and people should be careful not to get carried away,” Gordon said.

“A whopping 42 per cent of Australian adults plan to hit the sales this weekend, and nearly half of them will pay for the majority of their purchases on credit.”

Research by the website found putting $2000 worth of Black Friday shopping on a credit card and paying it off at $100 a month would take just under two years to repay in full (without annual fees). In addition, based on the average credit card interest rate of 18.24 per cent, it’d cost $309 in interest.

“Take a few minutes to read the returns policy before you click to buy. A spur-of-the-moment purchase or two on credit could force some shoppers onto a debt treadmill that runs well past this silly season,” Gordon said.

“That said, savvy shoppers who take time to plan out what they need, compare prices and stick to their spending limits could come out the other side with their Christmas list ticked off and their budget intact.”

RateCity.com.au tips for shoppers:

• Write out a list: If you’re shopping for Christmas, know who you’re buying for and what they might want. A list helps you stay focused
• Set yourself a budget: Make sure it’s one you can afford. The last thing you want is to head into Christmas with no money in the tank
• Don’t submit to the time pressure: Sales have a time limit for a reason. Before you hit “buy now”, take a moment to make sure you want and can afford what you are buying
• Compare prices across several shops: Don’t just buy something because it’s on sale at one shop – jump online and check the price on other websites. Some stores price match or even go lower
• Phone a friend: If you aren’t sure whether a big purchase is a good idea, pick up the phone and ask a friend. Sometimes just talking through it can make you realise the purchase isn’t practical
• Be careful of scams: If a deal sounds too good to be true, it might not be legitimate. Be careful to shop online only at stores you know and trust

Retailers Association chief industry officer Fleur Brown said the four-day sales blitz was important for retailers following a challenging year.

“Our research shows that one in four shoppers will be using this sales event to save money on gifts, highlighting that while Australians are being more cautious with their spending, they also want to embrace the festive season and spoil their loved ones,” she said.

“There’s no doubt that Black Friday-Cyber Monday will be an integral part of this year’s six-week peak season trading period where retailers look forward to making up to two-thirds of their annual profit.”

-with AAP