Retailers have felt the effects of the Rudd Government’s stimulus package with shoppers spending $6.5 billion dollars on post-Christmas sales from Boxing Day through to late January, exceeding original projections of $6.3 billion.
The Australian Retailers Association (ARA) executive director Richard Evans said retailers worked hard to stimulate consumer spend with heavy discounts through to late January.
“Retailers offered generous sales of up to 70 per cent off or more for consumers who were struggling with limited discretionary spend earlier in the year but had cash to responsibly enjoy some discounted retail therapy during post-Christmas sales,” said Evans.
With heavy discounting taking place, the volume of sales was in fact much greater than previous years – and to date many retailers are continuing to slash prices to move stock before winter. So now is still a good time for shoppers to take advantage of some great bargains.
“Many shoppers held out for substantial savings on domestic appliances, furniture and other big ticket items giving a $2.3 billion boost (as expected) to the household goods and entertainment sector which has been struggling with low trade for months.
“Department store registers rang up $1.1 billion (as expected) in post-Christmas sales and savvy shoppers spent $965 million (expected $957 million) on clothing and footwear,” said Evans.