Australian shoppers are expected to spend a record $23.5 billion during the Boxing Day sales period — an increase of 7.9 per cent on last year.
abc.net.au/news/christmas-boxing-day-sales-forecast-record-23-billion-dollars/101804502Australian shoppers are expected to spend a record $23.5 billion during the Boxing Day sales period — an increase of 7.9 per cent on last year — according to data from the Australian Retailers Association and Roy Morgan.Despite the rising cost of living, retailers expect shoppers to spend big between December 26 and January 15CBA says the average planned spend this year for Boxing Day sales will be $483.
Hospitality venues are predicted to drive the greatest growth over the sales period, with the expenditure forecast to increase 30 per cent on last year, when many Australians were battling the COVID-19 Omicron wave.Clothing is also predicted to see double-digit growth, with an expected lift of 11.4 per cent on last year, followed by department stores with growth of 8.9 per cent forecast year on year, mainly driven by deep discounts due to unseasonal weather.
"According to our consumer sentiment report, 49 per cent of shoppers either intend to spend or may spend at the event, compared to 45 per cent for the Black Friday event," Ms Carroll said.A temporary lift in spending will be welcomed by many small businesses, which are relying on the sales event to carry them through the start of 2023.
"Although spending has remained resilient throughout 2022, thanks to low unemployment and the pandemic savings buffer, escalating costs, power prices and interest rates will catch up with consumers in the new year," Ms Carrroll said.
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