Despite the cost-of-living crunch, new data has revealed Australians plan to spend more this Christmas than in 2023.
Australian Retailers Association Chief Industry Affairs Officer Fleur Brown said the latest Roy Morgan numbers show shoppers were expected to spend $69.8 billion during the lead up to Christmas, up 2.7 percent on last year’s figures.
Ms Brown said celebrating with loved ones was a big focus after a challenging year, with consumers ready to fork out $28 billion on plum pudding and turkey, marking an increase of 4.2 percent on a year ago.
She said there was an expected increase of 1.6 percent in the discretionary (non-food) category.
“This festive period, $5.7 billion will be spent on clothing (up 3.3 percent), $10.8 billion on other retailing (up 4.7 percent), which includes categories such as recreational goods, books, cosmetics, and $10.6 billion on hospitality (up 4.7 percent).
“Australians are also showing they want to spoil their loved ones, with the gift spend forecast to be $11.8 billion this year, up $1.6 billion on last year’s figures.”
Ms Brown said despite many families doing it tough at the moment, 16.7 million Australians would buy Christmas gifts in 2024, up one percent on 2023.
She said, on average, those shoppers were forecast to spend $707 each, up $61 on the average recorded a year ago.
“This peak season trading period is critical for retail, with many discretionary retailers making up to two thirds of their annual profit during peak season.”
Ms Brown said of the biggest states, shoppers in New South Wales were ready to record the biggest growth in sales on last year, up 3.4 percent, while Queensland will see three per cent growth.
