Aussies are expected to spend over $1 billion shopping on December 26, which is the equivalent of $727,307 spent every minute.
Over 5 million Aussies will be shopping in-store and online, with more women than men opening their wallets.
The survey of 2,017 respondents reveals over one in four Australians (28 per cent) plan on shopping on Boxing Day, lured by heavy discounts.
Shoppers plan on spending $202 on average, with men predicted to spend slightly more than women at $211 compared to $195.
According to Finder, while many Australian shoppers will look to bag a bargain this Boxing Day, others don’t think the shopping event is all it’s cracked up to be.
The research shows that discount fatigue has dented Boxing Day spending with just over one in five Australians (22 per cent) avoiding December 26 promotions as retailers discount ‘all the time’.
Heavy discounting during other big shopping events including Black Friday, Cyber Monday and End of Financial Year are more appealing for more than one in ten (11 per cent) as they admit skipping Boxing Day because they think ‘other sales are better’.
“The vast majority of people have finished making purchases this holiday season,” said Bessie Hassan, money expert at Finder.
“Gone are the days when crowds would line up for expensive electronics and homewares as smaller purchases prove most popular.”
More than one in ten (11 per cent) of those surveyed say they make purchases whenever the need arises so won’t be shopping in the Boxing Day sales, while a further 28 per cent simply don’t plan on spending during the sale.
“Just because something says it’s 50 per cent off doesn’t mean it is a good deal; it might be old stock or cheaper online,” said Hassan.
Amazon today announced that it will offer hundreds of ‘Lightning Deals’ in a Boxing Day sale – products available at a discount, in limited quantities, for a short period of time.
“We hope that with our Boxing Day sale we are offering customers great value across hundreds of products, and a convenient way to shop during the holidays,” said Rocco Braeuniger, country manager of Amazon Australia.
A number of businesses selling through Amazon Marketplace will also participate in the Boxing Day Sale, providing hundreds of extra deals.
More findings from the survey below:
- NSW shoppers are the most likely to bag a bargain on Boxing Day with 31 per cent planning to hit the sale, compared to only 22 per cent of South Australians
- NSW consumers will spend the most at the bargain frenzy, tipped to fork out $231 on average, followed by Victoria ($204)
- Generation Z are the biggest bargain hunters, with 52 per cent planning to shop on Boxing Day, followed by Generation Y, 43 per cent
- Baby Boomers will only fork out $185 on average at the Boxing Day sales
- Generation X will spend the most of an generation ($220), followed by Generation Y ($199)