Australians tipped for record $21bn summer shopping splurge as Boxing Day sales begin | Business
Record sales are expected this Boxing Day with shoppers tipped to splurge more than $20bn during the summer sales period.
The Australian Retailers Association has estimated people will spend $21bn in the post-Christmas sales through to mid-January.
Some shoppers are preparing to shrug off Covid concerns and visit CBDs and major shopping centres. However, online purchases are expected to surge this year.
The Australian Retailers Association, chief executive, Paul Zahra predicted an online record.
“The big difference this year will be an even heightened level in online shopping because some people want to avoid crowds,” Zahra said. “We still expect crowds but people will be more organised. There will be less browsing.”
Zahra said he expected total sales to exceed last year because people could or would not spend their money on overseas travel during the Covid pandemic.
People had also saved money after spending more time at home, he said.
Australians spend about $60bn a year on overseas travel and this money is being spent other ways.
The National Retail Association (NRA) pegs the nationwide spend on Boxing Day alone at a record-breaking $2.9bn.
There will be “increases in each state and territory with Boxing Day capping off a very successful festive season after a difficult year for many retailers who battled prolonged lockdowns,” the NRA CEO, Dominique Lamb, said.
Spending increases in Queensland and Western Australia are expected to increase by 6% in each state, followed by New South Wales and the ACT with 5% each, while Victoria and South Australia are expected to have a 4% growth.
Online spending is expected to increase 25% over last year’s level to $1.2bn, NRA said.
Meanwhile, a Commonwealth Bank survey found 69% of Australians were planning to buy something on Boxing Day.
The average spend planned was $557, which was 14% higher than last year. Clothing was tipped to be the most popular purchase. Technology, home electronics and white goods were next on the shopping list.
“On Boxing Day alone, from sales both in-store and online, we expect to sell more than 20,000 sheet sets, 30,000 dinner sets, 122,000 towels, 52,000 T-shirts and 13,000 pairs of jeans,” said Geoff Ikin, the chief customer officer of Myer.
Woolworths group boss Brad Banducci, whose responsibilities include Big W, this month said some toys and consumer electronics were proving difficult to source.
Some overseas manufacturers have struggled to keep up with demand during the pandemic.
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