Australia’s shopping addiction looks set to continue with retailers expecting consumers to spend a record $23.5 billion during this year’s Boxing Day sales and the first weeks of the new year.
Shoppers are expected to temper their spending from the start of next year as they adjust to months of mortgage rate hikes and soaring inflation, but retailers are tipping they will be keen for one last round of retail therapy first.
“Post-Christmas, Australians typically turn their minds to purchases for themselves and their household. It’s been a tough year for many, and this year we are seeing what we are calling ‘freedom’ spending, where people reward themselves after an intense and challenging period,” the Australian Retailers Association chief executive Paul Zahra said.
Australia’s department stores, which have long been a staple of the Boxing Day shopping season, are expected to benefit over the next few weeks as sales increase 8.9 per cent to $1.1 billion over the post-Christmas period, according to the forecasts. There’s a chance there could be better sales deals on offer over the Boxing Day period than earlier in the year, too, with rAdvertisementRetailers had been upbeat about trading in the lead-up to the Christmas, but are acknowledging that shoppers are hungry for the best deals.
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