NRA forecasts Christmas spend
This represents an increase of 4.1 per cent on the same period last year and compares with the ten-year average of 4.2 per cent. The pre-Christmas projection by the NRA follows the release of data from the ABS yesterday which showed September retail sales rose 3.7 per cent year on year.
The official pre-Christmas trade period encompasses the last two weeks of November through to Christmas Eve.
“Every state and territory in Australia will enjoy an increase in spending on the same period last year, so retailers across the nation are on track for a prosperous season that should help carry most through the traditionally quieter parts of the year,” said NRA CEO, Trevor Evans.
“Retailers are set to finish up the Christmas trading period in a stronger position as they head into a year of unpretentious, but stable, national spending,” said Evans.
NSW consumers are set to spend around $14.2 billion, three per cent more than in 2014.
Queenslanders will spend six per cent more than during the same period as last year at $9 billion; and West Australians will spend six per cent more at $5.3 billion.
Victoria and the Northern Territory will enjoy the largest increases at eight per cent, as Victoria heads for a spend of around $11.6 billion, and the Northern Territory charges towards the $400 million mark for the first time.
In South Australia, a six per cent increase on last year will translate to around $2.9 billion in spending, with Tasmania up five per cent, at $900 million.
In the ACT, shoppers are on track to shell out $800 million, up three per cent.
“Today’s Christmas forecast is good news for retail businesses and their staff, who can bank on good, solid figures for the most important retail season of the year,” said Evans.
Want more Inside Retail? Subscribe to Inside Retail Weekly now and get our premium print publication delivered to your door every week.
The rise of online shopping and people working from home has made retail an ideal target for scammers, experts warn… https://t.co/HaNxnGH8TB22 hours ago
Executive coach Leora Givoni shares 13 tips for better crisis communication, including why it's ok to be vulnerable… https://t.co/rVxl6tfwwi2 days ago