Aussies to splurge $50k a minute this Xmas
AFTER a year of belt tightening Queensland shoppers could let it all out this festive season, pushing retail sales up 2 per cent to $9.7 billion.
As the embattled retail sector heads into one of its busiest online shopping periods, the industry has flagged Australians will fork out $50 billion in the weeks stretching from the second half of November through to the end of December, up 3 per cent on last year.
National Retail Association chief executive Dominique Lamb said shoppers are set to splurge an average of $54,347 per minute in online sales alone. "The total digital spend will reach $3.6 billion over the six weeks," she said, noting it was a 22.5 per cent jump on 2018.
Retailers are gearing up for the increasingly popular Black Friday sales on November 29 followed by Cyber Monday on December 2.
"But there will also still be plenty of action in traditional, physical stores with total retail spend forecast to easily surpass the $50 billion barrier," she said. "Consumers will again stampede shopping centres in the lead-up to Christmas, and Boxing Day will remain another signature event."
Ms Lamb said some retailers would break new ground over the holiday season by offering unique in-store experiences, coupled with a savvy online sales avenue.
"It's a vital time of year for retailers across the nation," she said. "A bumper Christmas harvest not only has a positive impact on the bottom line, it can also help sustain many smaller operators during quieter periods." New South Wales would be the best performing state with $16.2 billion in retail sales over the period, up 3 per cent on last year, the NRA predicts, followed by Victoria with $13.4 billion in sales, a 4 per cent surge on last year.
Weak consumer confidence has resulted in disappointing retail sales through the year.