This is what consumers bought most on Black Friday and the ASX stocks that might have benefited
Black Friday has come and gone for another year and Eftpos Australia has given the first hint of just who might’ve benefited on one of the world’s biggest online shopping days.
So far as ASX stocks are concerned it appears department stores, appliances and fashion were the biggest winners.
Household appliance stores saw a 94% jump in spending and department stores saw 144% more spending.
Commenting on these figures, eftpos CEO Stephen Benton said it was a sign of economic recovery from lockdowns earlier this year.
“These spikes in weekly retail transactions demonstrate that Australians are keen to spend in-store, especially where they want to physically see and feel a product, whether it’s checking out a new food processor, trying on clothes or eyeballing a new television,” he said.
While companies are not obligated to report until their periodic reports are due (in late February), the data points to some stocks seeing an uplift.
Undoubtedly one ASX stock for which a Black Friday boost would be a relief is Myer (ASX:MYR).
This company is a shadow of what it was several years ago, falling behind as consumers shift their spending online.
Nevertheless, Black Friday has historically been one of the biggest trading days, with Myer last year telling shareholders it made record sales during the period.
Two ASX stocks in the appliance space are Breville (ASX:BRG) and Harvey Norman (ASX:HVN). Both stocks, particularly the former, have benefited from people making the most of lockdowns by purchasing major household items.
One category with a more modest gain was women’s and men’s clothing stores (29%).
One category that has outshone all others is retail music stores which saw a 336% gain. One company in this area is JB Hi-Fi (ASX:JBH) although it predominantly sells electronic devices.