Black Friday sales are set to break records this year and boost Australian businesses sales.
New research from Roy Morgan is predicting a record $6.7 billion will be spent in stores and online.
That would make this year's Black Friday period the biggest on record, and a 5.5% increase compared to 12 months ago.
While traditionally the sale weekend covers a four-day Black Friday to Cyber Monday period, many retailers have begun a week or even earlier in advance.
Fleur Brown, from the Australian Retailers Association said that retailers providing non-essential services “make about two-thirds of their profits during the peak season trading period, so there's a lot riding on it.”
Brown also noted that with the cost of living crisis continuing to bite, a lot of Australian consumers were looking to cash in on the sales for their Christmas shopping.
The Black Friday-Cyber Monday sales are the first major sales since stage 3 tax cuts came into effect, however they are not predicted to have an long term impact on inflation.
ANZ senior economist Adelaide Timbrell said the spike in spending would have an temporary impact on inflation but noted that it was unlikely to significantly affect the timing of any interest rate cuts by the Reserve Bank.