Christmas Comeback On The Cards For Aussie Retail
Aussie retail sales across the Christmas period are expected to break the $50 billion mark, with online sales to top $5 billion.
A new forecast from the National Retail Association predicts a five per cent jump in retail sales across the second half of November and the entire month of December as compared to the same period in 2019, to a total of $52.4 billion.
According to CEO Dominique Lamb, the NRA expects higher turnover across every state and territory, with the festive season tipped to spark a retail recovery.
“There are signs that Australians do have more discretionary power than usual, due to factors such as being unable to travel overseas, the continuation of government assistance measures and a thirst to get out of the house following periods of lockdown.
“Indeed, the Westpac consumer sentiment survey released last Thursday revealed that consumer confidence rose in early November to the highest level in seven years,” she said.
Online sales are tipped to make up about 10 per cent of this increase, or $5.2 billion – an increase of 53 per cent over 2019.
“One trend that we’re particularly certain will continue is consumers finalising their Christmas shopping earlier than has traditionally been the case,” said Lamb.
“Events such as Black Friday and Cyber Monday have resulted in many consumers purchasing gifts in late November as they look to capitalise on bargain prices.
“Online shopping has been on the rise for several years, but this has certainly been accelerated by COVID-19,” she said.
Queensland and WA are forecast to have the highest growth over 2019 at six per cent each, while the NT is at the bottom, with only three per cent growth predicted.