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ARA predicts $8.8bn mid-year spending spree as retailers quit excess stock

(Source: Bigstock)

Australian consumers are set to spend $8.8 billion during the coming months as mid-year seasonal sales ramp up and excess stock is sold. 

The Australian Retail Association (ARA) forecasts 52 per cent of consumers shopping mid-season sales will be doing so online. Around 6.2 million Australians will spend an average amount of $1420 each. 

NSW is expected to contribute $3.2 billion followed by Victoria at $1.9 billion and Queensland at $1.7 billion.

The ARA said its research shows 83 per cent of consumers plan to spend during the mid-year sales – and they say they will spend the same or more than they did last year.

ARA CEO Paul Zahra is encouraging consumers to head into the CBD for their mid-year sales shopping and support businesses impacted by low levels of foot traffic. 

“With tax time around the corner, savvy consumers will also be on the lookout for work-related products which they can then claim from July 1, so we expect products like computers, phones and tablets to be popular purchases,” he said.

Zahra added that prices will be slashed across a range of products from fashion, shoes and accessories to electronics, bedding and homewares as retailers clear stock to make way for new season lines in the next financial year.

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