Australians will spend $1.3 billion on Boxing Day sales, 1.8% more than last year, data from the Australian Retailers Association and Roy Morgan reveal.
MELBOURNE – In the six days following Christmas, the public is expected to take advantage of the offers by spending a total of $3.7 billion, a growth of 2.7% compared to the same period in 2023. New South Wales will lead spending with 1 $1 billion in five days, followed by Victoria with $951 million.
Forecasts estimate $746 million spent in Queensland, $234 in South Australia, $410 in Western Australia, $74 in Tasmania, $33 in the Northern Territory and $69 in the Australian Capital Territory.
Much of the spending will be allocated to food (296 million), household goods (378 million) and clothing and footwear (197 million).
Australian Retailers Association spokeswoman Alexandra Keefe said many Australians had started their Christmas shopping early. “We have seen consumers planning gift lists as early as October and starting purchases in the same month.”
Despite the increase in sales, retailers are facing a difficult period. Inflation has outpaced sales growth, rising 2.8% in the 12 months ending last September.
Purchasing habits have changed, as consumers anticipate spending by taking advantage of discounts on Black Friday and Cyber Monday.
However, there remains some optimism for a possible cut in interest rates to 4.10% by the Reserve Bank in February, which could come to the aid of the most affected sectors.
Meanwhile, the hospitality sector is showing positive signs. Hotel bookings in December increased 4.6% compared to last year, a promising result despite tighter household budgets.
