The Australian Retailers Association (ARA) and Roy Morgan Research annual Christmas spending figures have been released and the results are pleasing.
Australian shoppers are predicted to spend $46.7 billion in retail stores over the Christmas trading period from November 15 to December 24, 2015. Consumers are tipped to spend $8.14 billion on household goods – a 3.9% increase year-on-year, while department stores are set to see tills bringing in $3.02 billion – a 4% increase year-on-year.
ARA executive director, Russell Zimmerman, said Australian consumers are tipped to spend 3.6% more on Christmas at Australian retail stores this year than in 2014, which is a pleasing rate of growth in light of current levels of consumer sentiment and the raising of interest rates by the major banks this month.
“While the ARA would obviously be thrilled to see higher levels of growth, given the current climate and underlying factors, we are confident that retailers will see a robust Christmas trade that builds on the amount spent across the country last year,” Zimmerman said.
“Victorian retailers particularly will be set for a rush in sales over the next six weeks, with forecast growth of 4.6% for the state, while Queensland shoppers will also be considerably active in stores to the tune of 4.2%.
“While the week before Christmas is traditionally the biggest shopping week of the year, there’s plenty of consumers who like to be prepared and get in early, with a good deal of Aussies starting to tick items off their Christmas lists from mid-November onwards,” Zimmerman added.