Aussies To Spend $51.5 Billion This Christmas
Latest numbers from Roy Morgan and the Australian Retailers Association (ARA) forecast Aussies to spend $51.5 billion this Christmas season, a 2.9% lift versus last year.
For the 46 days between November 9 – December 24 [the ‘Christmas trading period’], food is expected to notch the highest growth (up 3.7% YoY), followed by apparel and household goods (up 3.1% and 2% respectively).
Local consumers are forecast to spend $8.9 billion on household goods this silly season, and $4 billion on apparel.
Department store spending is tipped to be the slowest growing category, lifting 0.3% to $2.9 billion.Bumper sales growth is expected to occur in Victoria, soaring 5.2% to over $13.5 billion.
For the first time, Tasmania is forecast to report Christmas retail sales over $1 billion.
Australia Retailers Association (ARA) Executive Director, Russell Zimmerman, asserts both the firm and Roy Morgan are “confident” this years’ Christmas sales will remain “strong.”
The ARA is also expecting online gift orders to climb 2.7%.Roy Morgan CEO, Michele Levine, forecasts Christmas spending to remain strong despite the soft housing market and low wage growth.
“Last year’s annual forecasts by Roy Morgan and the ARA predicted growth in retail spending for the Christmas period of 2.8% in 2017 which was only slightly higher than the actual retail sales growth achieved of 2.7% providing confidence that this year’s forecasts will be similarly accurate,” adds Levine.
Further information is available on Roy Morgan’s website here.