Christmas is looking good this year for retailers, according to the National Retail Association (NRA), which forecasts Aussies will spend more than $50 billion.
“The NRA is forecasting retail sales for the entire Christmas period to surpass $50 billion,” says NRA CEO, Dominique Lamb.
“With people unable to travel overseas, the continuation of government assistance measures and a thirst from shoppers to get out of the house following lockdown periods, we’re confident that consumer spending will be solid.”
The Christmas trade period starts half November and also includes bargain bonanzas such as Black Friday and Cyber Monday, confirming that online shopping is here to stay.
“Consumer spending habits are definitely changing and the online trend has been accelerated by the Covid lockdowns. We’re also now seeing more people doing Christmas shopping earlier due to November sales events such as Black Friday and Cyber Monday.
“Christmas online sales are set to break the $5 billion barrier for the first time. The pandemic forced many retailers to expand their digital services and saw more shoppers embrace the convenience of online shopping.”
However, many retailers are utilising both in-store and digital avenues to maximise revenue.
“There will still be plenty of action in traditional, physical stores with total retail spend forecast to surpass the $50 billion barrier. Consumers will again stampede shopping centres in the lead up to Christmas and Boxing Day will remain another signature event on the industry calendar.”
Overall, a five per cent rise in spend is expected nationwide compared to last year.