Canberra

A new report released on Monday revealed that Australian shoppers are expected to spend big during the country's two most anticipated shopping events, "Black Friday" and "Cyber Monday" this month.

According to the report by the Australian Retailers Association (ARA), the sales are forecasted to reach A$6.2 billion ($4 billion), an increase of A$200 million from last year, reports Xinhua news agency.

It also cited data from the customer relationship management platform Salesforce's Holiday Insights Hub, which suggested that around a quarter of Christmas shopping is set to be completed in the Black Friday week, and 33 per cent would already be completed in the first three weeks of November.

"We know that many people are more conscious about their household budgets with the cost of living going up and interest rates on the rise, so the Black Friday sales are an ideal time to complete your Christmas purchases, save money and ensure that your gifts are delivered on time," said ARA Chief Executive Officer Paul Zahra.

ALSO READ: Shaheen Bagh leaves past behind, emerges as shopping hub

Last week, Australia's central bank lifted the cash rate to 2.85 per cent in a bid to rein in the country's "too high" inflation. The consumer price index (CPI), which measures the cost of major goods, had also risen to a 7.3 per cent year-on-year increase, the highest it has been in more than three decades. "There's no doubt it's a challenging economic environment," said Zahra.

"But as it stands right now, consumer spending is strong and that's set to continue over the festive trading period, which will give many businesses confidence for the most important time of year," he added.