New Zealand’s local retailers emerged as the biggest winners on Black Friday, with the majority of spending remaining within New Zealand’s borders, and spending surging once more.

Dot Loves Data’s analysis of ANZ Consumer Spending transactions reveals Kiwis strongly supported domestic businesses during the Black Friday shopping extravaganza, spending a total of $504m and $128m specifically on Black Friday items.

The analysis highlighted that while total Black Friday spending in key retail categories like electronics, fashion, and home goods dropped by 4.5% compared to 2023, spending across all merchant categories increased by 6.6%.

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Over the broader Black Friday–Cyber Monday weekend, (November 22-25) spending was up 5.9%, indicating that consumers took advantage of deals throughout the extended period rather than concentrating their purchases on Black Friday alone. For local retailers, this shows there is a clear benefit in running an extended sales period.

Generational Spending Trends

Gen X and Millennials stole the spending spotlight this year, with the highest spending of all age groups on Black Friday. Millennials were the biggest spenders at a whopping $45m, while Gen X spent $37 million, a 150% increase compared to a typical November day. Millennials and Gen X channelled their purchasing power into sports, hobbies, books, and home improvement.

Gen Z also appears to be coming of age, with their spend indicating that they are putting down roots. While Gen Z’s spending last year centred on fashion and beauty, this year they leaned into home-related purchases, signalling a move into home ownership or long-term rentals. Gen Z spent a total of $18m on Black Friday and an additional $18m on Saturday.

Importantly, Dot Loves Data did not track Millennials’ or Gen Z’s spend on avocado on toast, nor the number of hours Baby Boomers spent watching Coronation Street!

Meanwhile the Silent Generation (80+) and Baby Boomers were primarily focused on improving or maintaining their homes and gardens. The Silent Generation doubled their usual spend at big box stores and home, living & DIY, while Boomers spent big on household, living & DIY, with an 180% increase. In comparison to other generations, Boomers were much more restrained relative to their wealth.

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Category-Specific Highlights

The following categories were the big spending winners, when compared to an average day in November:

● Home, Living & DIY: +188%

● Sports, Hobbies and Books: +187%

● Fashion, Beauty and Accessories: +132%

● Big Box Stores: +126%

● Electronics and Technology: +114%

These results show that for Kiwis, their home remains their castle, as they spend large on household items and DIY. Shoppers are also seeking to get outdoors, read a good book and pursue their hobbies.

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Supporting Local Retail

One of Dot Loves Data’s most significant findings was the strong preference for shopping locally for Black Friday sales. The vast majority of Black Friday dollars remained in New Zealand, with only a small proportion directed toward online international retailers.

This trend demonstrates the enduring loyalty and preference of Kiwi shoppers toward homegrown businesses if the price is right. This reinforces the importance of Black Friday and regular consumer sales as a key driver of local retail success, while a mixture of online and in-store presence is critical.

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In a nutshell, Black Friday 2024 showed that Kiwis are keeping it local, with Millennials building their nests, Gen X perfecting theirs, and everyone else making sure their home and castles shine. Whether it’s books, beauty, or a DIY binge, Kiwis love Black Friday, and the strong support for local retailers is a trend worth celebrating.

Go to another version of this article on Stuff.

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Local retailers win big on Black Friday