Aussies are not done with their holiday shopping just yet with a forecasted $23.5 billion post-Christmas spend.
The Australian Retailers Association (ARA) has predicted a 7.9 percent increase over last year for post-Christmas sales. The forecast is in collaboration with strategic partners Roy Morgan and Salesforce.
“It’s clear to see Australian’s love affair with shopping continues – shopping and dining-out remain some of our most beloved pass-times through the holiday season,” said ARA CEO Paul Zahra. “Whilst it’s encouraging to see continued record results for retail, it’s important to acknowledge there are a range of factors influencing the results – including inflationary pricing, and unseasonal weather severally impacting the fashion industry.”
According to the forecast, food and beverage will continue to maintaian the top spot right through the festive period. Hospitality venues are predicted to drive the greatest growth – forecast to increase whopping 30 percent over this time last year following the easing of gathering restrictions. Clothing is also predicted to see double digit growth, with a predicted rise of 11.4 percent over last year. This is followed by department stores with growth of 8.9 percent forecast year-on-year.
According to the data from Salesforce and Roy Morgan, almost a quarter of total sales from the extended holiday shopping season (1 November – 15 January) are forecast to take place post-Christmas, averaging a discount of 17 percent.
“Christmas trading is focused on gifts for others. Post-Christmas Australian’s 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,” said Zahra. “The rush to get out and indulge the senses – eat drink and be merry – remains a constant through this holiday period as Australian’s recover their post-pandemic mojo.”
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