Christmas Spending Set To Peak
In total, ANRA expects around $7.6 billion to be spent nationally this week, with shoppers increasingly turning their attentions to local retailers over international online retailers as the likelihood of international deliveries diminishes.
“A large amount of retail activity will take place at bricks and mortar stores, cafes and restaurants, with $6.5 billion likely to be spent,” commented ANRA CEO Anna McPhee.
“Online shopping activity will also heighten in the week ahead with sales projected to reach more than $1 billion.”
An ANRA survey of Christmas shoppers found more than 62 per cent expect to complete all of their Christmas preparations with a week to spare, meaning shoppers will be out in their numbers over the next two weeks.
“Stable interest rates and growing consumer confidence is helping to drive retail spending towards the long-term average annual growth rate of 6 per cent for the first time in five years,” McPhee commented.
“This consistent and incremental growth will mean the sector will contribute a little more than four per cent of GDP this year.”
Consumers are expected to spend an estimated $32.6 billion in the 30 days to Christmas this year, slightly stronger than the same period last year, ANRA stated.