Over the next 30 days, $35 billion is expected to be spent in the lead up to Christmas, with $5.25 billion to be spent this week, according to the Retail Council Christmas Spending Index.
Retail Council CEO, Anna McPhee, said this year’s forecasts indicate retail is in a slightly stronger position to build on last year’s performance and is on target to contribute more than 4.5 per cent to Australia’s GDP.
“To help service increased consumer demand over the Christmas period the retail sector creates an additional 30,000 jobs on average at this time of year, as well as providing extra hours to existing retail workers,” McPhee said.
The Retail Council recently surveyed shoppers on Christmas shopping intentions and found a majority of shoppers plan to do most of their Christmas shopping in the coming weeks and go right up to Christmas Eve.
“In the week to Sunday we are projecting total sales of $5.25 billion as shoppers turn their thoughts to Christmas preparations. Sales are expected to build week on week to December 25,” said Anna McPhee.
McPhee said online purchases also continue to be an important part of the retail offering, particularly at Christmas and are expected to make up around 16 per cent of total sales over the period.
The table below provides a breakdown by state across the 30 days to Christmas (November 25 to December 24) and expected spending in the first five days – (Wednesday, November 25-to Sunday, November 29).
