Retailers are expected to cash in a total of $12 billion – more than double of what was spent last week – from shopping in the last week leading up to Christmas, the Australian National Retailers Association (ANRA) and GE Capital Christmas Retail Index reveals.
ANRA CEO Margy Osmond said most Aussies would have one or two gifts left to purchase as they finalised their Christmas lists.
“Only 10 per cent of Aussies tell us they do most of their shopping in the two to six days before Santa makes his trip down the chimney, but twice as many (21 per cent) said they would complete their shopping in those last few days, contributing to the bump in sales,” she said.
New South Wales residents will be making the biggest contribution to the sales lift this week.
“In NSW retailers can expect to see $515 million more through the tills than last week, with estimated spend in the state at $2.5 billion, Queenslanders will also lift their spending to $1.9 billion this week from $1.4 bill last week.
“Some states and territories will see less spending this week as the more organised amongst us – those in the ACT, Northern Territory and South Australia – wrap up their shopping early, their biggest spending week hit last week.”
Its also forecasted about $2 billion will be spent locally on online purchases.
“But as Australians are more au fait than ever with online shopping, Australian retailers are ensuring those options are open to them,” Osmond said.
“Individually we will part with about $500 each this week as we wrap up the last full week of shopping. With Christmas this year falling on a Tuesday shoppers have a last chance to get instore on Christmas Eve and the weekend before the big day, which might see some boost to spending towards the end of the week.”