Black Friday Pressure Pushes Australians Into a Costly Spending Spiral
So, let me walk you through what’s happening around Black Friday in Australia this year, because it’s turning into one of the biggest and most stressful shopping seasons we’ve seen in a long time. Even before the actual day arrives, inboxes, social feeds, and storefronts have been flooded with flashy banners shouting “Sale Starts Now!” or “Final Hours!”—and that constant pressure is starting to take a toll on shoppers.
On Sydney’s Pitt Street Mall, for example, people like Wendy were spotted browsing but not buying just yet. She said she was waiting for the “real” Black Friday, hoping the prices would drop even further. And even though she plans to spoil her grandson, she admitted she doesn’t set budgets because she’d simply blow them anyway. Her attitude is surprisingly common right now, and it reflects the mindset many Australians are slipping into as promotions build up around them.
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What’s concerning financial experts is how much of this spending is happening on credit. Data shows that credit card applications jumped sharply this year, and personal loan demand isn’t far behind. Even more worrying is the rise in outstanding balances—people are borrowing more but failing to pay off what they owe. In fact, interest-accruing credit card balances have surged to their highest point since 2021. That means billions of dollars are sitting there, gathering interest, as shoppers get swept up in the excitement of deals.
Consumer counsellors are warning that social pressure plays a major role here. With Christmas around the corner, there’s this expectation to give generously, decorate perfectly, and provide everything the family might want. Combine that with nonstop Black Friday ads, and suddenly saying no becomes incredibly difficult. Many people end up convincing themselves that a “limited-time” sale is too good to pass up, even if they can’t really afford the purchase.
Another rising issue is buy now, pay later services. These feel harmless at first because there’s no interest, but missed payments come with fees that add up fast. Counsellors say the number of Australians seeking help for BNPL troubles has already risen more than 7 percent this year—and there are still weeks of reporting left.
Economists say the setup is there for a massive spending spree: wages have grown for many people, confidence is up, and even recent interest rate cuts have freed up a little breathing room. But the danger is what happens next. Every year, calls to debt helplines spike in January as the festive bills start arriving. It’s the classic holiday hangover, but with financial consequences that can last months.
Even though Black Friday officially falls on November 28, the reality is that the sales have already taken over the entire month. Australians are expected to spend billions over the weekend and even more as we flow into Cyber Monday. And although some shoppers may truly snag great deals, experts are urging people to slow down, track real prices, and stay focused on what they actually need—because not every sale is a bargain, and not every bargain is worth the debt that follows.
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