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Boxing Day sales will drive $4bn in spending
Nearly 70 per cent of Australians are expected to participate in Boxing Day sales this year.
Boxing Day sales will drive $4bn in spending
Nearly 70 per cent of Australians are expected to participate in Boxing Day sales this year.
Australians are expected to spend over $550 each during Boxing Day sales this year, driving a collective $4 billion in spending at local retailers, according to the Commonwealth Bank.
Spending per person is forecast to be 14 per cent higher than during the Boxing Day sales of 2020, and CBA said its customers were expected to spend 22 per cent more throughout December versus the average of the other months of the year.
“As the nation bounces back, Australians are embracing shopping and are excited to hit the sales,” said CBA executive general manager, everyday banking, Kate Crous.
“This is welcome news for retailers, who are keen to see consumers return after a tough few months, and is also great for consumers hoping to get good value from their shopping.”
Compared to the average monthly spend during the rest of 2021, spending by CBA customers during December is expected to rise 23 per cent for debit cards and 18 per cent for credit cards.
Sixty-nine per cent of Australians plan to pick up a bargain during the sales and not wanting to pay full price was the main reason given.
In-store shopping for sales is planned by 41 per cent of Australians, while 28 per cent expect to do their shopping both in-store and online.
Men intend to spend $646 each during Boxing Day sales compared to $459 for women, while parents of one or two children plan to spend $731.
More than half of Australians are planning a purchase within the category of clothing, apparel and shoes, with technology (36 per cent), home electricals and white goods (31 per cent), and homeware and furniture (29 per cent) also set to be popular categories for purchases.
The Australian Retailers Association (ARA) and Roy Morgan earlier predicted that a total of $21 billion would be spent between Boxing Day and 15 January, an increase of 12.6 per cent in 2019 and 2.1 per cent higher than 2020.
“The Boxing Day sales are a key event on the retail calendar and with the states and territories staying committed to their reopening plans, we can look forward to a bumper trading period,” said ARA chief executive Paul Zahra.
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