Westpac recently noted that it is now predicting “record-breaking” consumer spending with online retailers this upcoming Black Friday and Cyber Monday sales season, potentially topping the $17.7 billion spent in the past year, after consistent month-on-month transaction increases and consistent with historical seasonal spikes. Research from Westpac DataX indicates that international marketplaces are benefitting from the November spending surge.
Since 2023, Australian consumer spend on these international platforms has grown by an average of “18 per cent annually, with November 2024 setting a new record at $852 million.”
The analysis revealed that consumers aged between 35 to 44 have contributed the largest share of “international marketplace spend (24.1 per cent), with an average transaction value of $48.44.”
Men accounted for “55 per cent of total spend, with a higher average transaction value ($51.05) compared to women ($43.22).”
Clothing and consumer electronics dominated, “representing over 25 per cent and 18 per cent of spend respectively.”
Westpac said that it is encouraging Australians to support local businesses this festive season while “remaining vigilant against scams during peak sales periods.”
To help customers spend smarter, Westpac provides a range of digital tools meant to keep finances on track and “protect against fraud and scams,” including:
- Real-time spend notifications and card controls via the Westpac App.
Budgeting tools such as Westpac’s Budget Planner. - Westpac Digital Card with a dynamic CVC for added online security. Click to Pay allows Westpac customers check out securely in just a few clicks, with card details safely stored by Mastercard – not the merchant.
- Pay with Points allows Altitude Rewards customers to make purchases using their points anywhere Mastercard is accepted.
As mentioned in the announcement, Westpac’s ShopBack partnership enables clients to earn bonus cashback at various brands.
Westpac DataX is Westpac’s data analytics business that is reportedly using so-called “de-identified data sourced from across the bank’s operations.”
