The holiday season is more or less guaranteed to get you buying a gift or two, but according to research, Australians will be putting down more money than you might expect.
It’s hard to find someone who doesn’t get into the capitalist Christmas spirit and spend on presents, and according to the Australian Retailers Association (ARA) and Roy Morgan Research, that’s exactly what quite a few Aussies are going to be doing.
In fact “few” might be the understatement, with ARA’s research forecasting a rise in holiday spending of 2.9 per cent compared to last year for the November 9 to December 24 pre-Christmas period, achieving over $51 billion in retail across Australia during the same period.
Out of this, $21 billion is expected to be spent on food, again rising from last year’s figure, while $9 billion is expected on household goods and an estimated $4 billion is expected on clothing, footwear, and personal accessories.
It’s not just an increase in spending in one part of the country, either, with almost every state reporting an increase, as New South Wales rises 3.1 per cent, Victoria 5.2 per cent, and Tasmania 4 per cent. Only one state is expected to spend less, with half a percentage point reduction in spending expected in Western Australia.
“Each year, the ARA and Roy Morgan work together to produce the only professionally researched industry Christmas predictions in Australia, and we believe the figures released today represent a comprehensive preview of retail figures leading into Christmas,” said Executive Director of the Australian Retailers Association Russell Zimmerman.
“Christmas is a joyous and celebrated event, admired by Australians who embrace the season of giving. With the retail landscape continuing to adapt to changes in the industry, we can rely on this season to bring stability to retailers,” he said.