Boxing Day sales continues to bring in revenue despite competition from Black Friday and other sales events.
After a record breaking Black Friday sales period, The ARA has predicted Australians are set to spend up to $23.9 billion on extended Boxing Day sales taking place from December 26 through to January 15.
On Boxing Day itself, December 26, the ARA in partnership with Roy Morgan, expected a $1.25 billion spend across the country, up a modest 1.6 percent on last year.
Despite Boxing Day’s dwindling popularity among shoppers, many turned out in droves across the country to snatch up in store bargains.
“Boxing Day is the Grand Final of Australia’s favourite sport, shopping,” ARA CEO Paul Zahra said.
“There’s no doubt Aussies love a bargain and despite cost-of-living pressures and economic turbulence, Australians are still set to spend slightly more than last year.”
“This is the biggest clearance event of the year – as retailers move to clear stock and refresh their offerings ahead of the new year. Shoppers can expect to find some unprecedented deals both instore and online”
Mr Zahra also stated that the transition from Christmas to Boxing Day also represents a change in shopper behaviour.
“In the lead up to Christmas, shoppers are focused on buying gifts for their family and loved ones. Post-Christmas, Australian’s typically turn their minds to purchases for themselves and their household, focusing on snagging a bargain” Mr Zahra added.
Many Boxing Day sales continue into the New Year with the ARA expecting the Boxing Day sales period to wrap up on January 15.