A $46.7 BILLION CHRISTMAS
Written on the 10 November 2015
AUSSIE retail is set to receive a $46.7 billion injection this Christmas according to the Australian Retailers Association (ARA).
A survey, conducted by the ARA and Roy Morgan Research indicate Australian shoppers will spend $46.7 billion in retail stores over the Christmas trading period from November 15 to December 24.
This is 3.6 per cent more than this time in 2014, a fantastic rate of growth according to ARA's Russell Zimmerman.
"While the ARA would obviously be thrilled to see higher levels of growth, given the current climate and underlying factors, we're confident that retailers will see a robust Christmas trade that builds on the amount spent across the country last year," says Zimmerman.
The annual survey, which factors in aspects such as unemployment and consumer sentiment, correctly predicted Christmas spending would reach $45 billion in 2014.
Zimmerman says Queensland and Victoria are the two biggest areas of growth in the nation.
"Victorian retailers particularly will be set for a rush in sales over the next six weeks, with forecast growth of 4.6 per cent for the state, while Queensland shoppers will also be considerably active in stores to the tune of 4.2 per cent growth," says Zimmerman.
Category-wise, the survey's 'other' category is going to experience the largest growth rate of 5.6 per cent, with apparel also set for a boost of 4.7 per cent growth.
Zimmerman is confident that the survey's results are indicative of what is to come over the next two months.
"The ARA and Roy Morgan have had almost pinpoint accuracy in the last few years, and we're pleased to see that consumers will continue to hit the shops in their droves in 2015," says Zimmerman.
"While the week before Christmas is traditionally the biggest shopping week of the year, there's plenty of consumers who like to be prepared and get in early, with a good deal of Aussies starting to tick items off their Christmas lists from mid-November onwards."