The Australian National Retailers Association (ANRA) has just released its annual Christmas Retail Index, and therein lies welcome news for those operating in the retail sector this holiday season.
According to the latest facts and figures uncovered by the ANRA, shoppers in Australia are projected to fork out over $29.6 billion over the Christmas period. That equates to approximately $1,280 per person!
Margy Osmond, chief executive officer of the ANRA, revealed in a November 24 statement that $5.8 billion of that is expected to be spent during this week alone. She said the majority of this money will be spent in “Australian bricks and mortar stores” – about $3.3 billion.
So, business owners might want to brace themselves for a surge of shoppers in the days ahead.
A further $970 million will be spent online between November 25 and December 1 as people start to “get serious about their Christmas shopping”, said Ms Osmond.
The Christmas Retail Index also sheds some light on where the bulk of this money will be spent. This week, New South Wales tops the list, with shoppers expected to purchase $1.8 billion worth of gifts as the holiday season gets underway.
Victoria gains a close second, with shoppers predicted to hand over $1.5 billion of their hard-earned dollars over the next seven days.
In third place is Queensland, with an impressive $1.2 billion projected to be spent this week.
To prepare yourself for an influx of shoppers this holiday season, you might want to review your retail insurance policy – or consider arranging one if you haven’t already.
For more information, get in touch with the team at MGA Insurance. We can help you find the policy that best suits you and your business.