Stock Bloat, EOFY To Drive $8.8B Aussie Retail Spend: ARA
Australian consumers have been tipped to spend $8.8 billion in the next few months, as retailers look to offload excess stock.
This is according to the Australian Retail Association, who predicts 6.2 million Aussies will spend an average of $1,420 each as they bargain hunt in the competitive sales season.
83 per cent of consumers plan to spend money during the pre-EOFY rush.
NSW shoppers are expected to spend the most, with an estimated $3.2 billion. Victoria is forecast to spend $1.9 billion with Queensland adding $1.7 billion.
“With tax time around the corner, savvy consumers will also be on the lookout for work-related products which they can then claim from July 1, so we expect products like computers, phones and tablets to be popular purchases,” explains ARA CEO Paul Zahra.