$59 Billion Christmas Retail Boom Predicted
Once again, Aussies are set to celebrate being out of lockdown by spending up big at Christmastime, with a predicted $58.8 billion to go through tills (digital and otherwise) this December.
This jives with last year’s post-lockdown spending spree, and is up 11.3 per cent of pre-pandemic Christmas spending.
This is according to the Australian Retailers Association and research firm Roy Morgan.
“To achieve last year number is a pretty impressive feat because it was up 11.3 per cent and I can’t remember ever in my career — and I have been in the industry more than 40 years — double digit growth in that quarter, so actually to maintain that level is outstanding,” ARA chief executive Paul Zahra said.
Tasmania is expected to lead the pack when it comes to sales growth heading towards Christmas, followed by Western Australia.
“There’s a lot of Christmas cheer in these numbers,” Zahra continues, “with the overall trend looking positive, and that is great news for small businesses and discretionary retailers who have suffered through some of the longest lockdowns in the world this year.
“The Christmas trading period is critical as it’s the time when most discretionary retailers make up to two thirds of their profits for the year.”