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HomeNEWSTrending Black Friday products + what retailers need to know ahead of Boxing Day sales

Trending Black Friday products + what retailers need to know ahead of Boxing Day sales

Data from TransferWise shows that Kiwis spent money in 61 countries on Black Friday and Cyber Monday, with the most popular categories being beauty, gyms and electronics.

It appears that New Zealanders are feeling inspired to get active. On Black Friday, New Zealanders felt inspired to get active with payments to clubs and gyms up a whopping 717% percent when compared to the 30 day average. This category dropped off heading towards Cyber Monday with spending down -26%.

Beauty and care was up 252% on Black Friday and 361% on Cyber Monday. Clothing was up across the weekend: 45% on Friday, 148% on Saturday, 164% on Sunday and 212% on Monday.

Electronics is the big category when people think of Black Friday sales. While it was only up 16% on the day, sales skyrocketed on Cyber Monday with a 231% increase.

And although Kiwis are spending across a variety of overseas regions including Cyprus, Luxembourg and Tanzania, spending data collected from the TransferWise Platinum debit MasterCard shows that most money is spent locally.

TransferWise Country manager, Tim Cameron, says after being hit hard by Covid-19, the New Zealand economy is in desperate need for local spending.

“After being hit hard by Covid-19 in 2020, the New Zealand economy is in desperate need for local spending. However, there is still plenty of money going to foreign shores.”

“What most people don’t realise is that all this foreign spending is subject to hidden fees. Whether you’re buying something on an international website or paying directly to do an overseas based person or business. Banks almost always take a cut of each transaction through currency conversion fees.”

“At TransferWise, we think it’s only fair that the New Zealand banks clearly disclose what they’re charging for each transaction. In our view, that money is much better kept in Kiwi pockets than being added to the banks’ profits,” says Cameron.

Kiwi retailers interested in or already invested in beauty, fitness and electronics should take note: further development of these trending retail categories could help their upcoming Boxing Day sales. And there’s always value in reminding customers why they should shop local.

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