This Christmas, Australians are expected to spend a whopping $50.1 billion online and in the shops.
This prediction is according to the nation's retailers who said that the rate of spending will break records in every state and territory, building to an increase of 3 per cent nationwide from last year. This includes shopper’s forecast to splurge $54,347 online every minute. A 25.5 per cent increase on last year's figures, or $3.6 billion nationally is projected from digital spend alone.
Dominique Lamb, National Retail Association chief executive, said, "What we know is that shoppers are looking for a frictionless experience and that they are time poor. At Christmas, when you've got lots of things to do, retailers are taking advantage of click and collect."
8.5 % of Australia’s overall annual spending is done online, and for the next 5 years it is expected to rise to 20%. Gift cards, homewares, one-off, high end items and experiences are the most sought after items at Christmas. However, trading in regional areas are expected to feel the impact of bush fires, after hundreds of homes were flattened and lives lost over recent weeks.
Ms Lamb added, We know that people do not like to spend when incidents like this have happened. But we also know that our retailers get on board with these kind of events, and certainly attempt to support wherever they can."
Source: The West Australian
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