After a record breaking pre-Christmas spend, retailers in Australia are expecting the increased spending to last through to at least mid-January.
Australian shoppers are expected to spend $15.1 billion between Boxing Day and January 15, according to the Australian Retailers Association (ARA).
This figure represents a 2 per cent rise on the expected spending during the same time last year.
While the 2013 forecast of $14.8 billion post-Christmas expenditure was not reached, the actual amount spent last year came close.
“Based on the actual figure of $14.6 billion, we now see an even larger percentage growth year on year at 3.8 per cent – a positive sign for the retail sector,” ARA Executive Director Russell Zimmerman said in a December 27 media release.
While the gift-buying period is over, stores across the country should still be busy with Australian shoppers keen to enjoy extended Boxing Day and New Year sales.
“Looking at the actual post-Christmas sales figures for 2012 and this year’s post Christmas predictions, cafes show the highest levels of growth at 6.2 per cent,” Mr Zimmerman said.
“Apparel (3.9 per cent) and food (3.8 per cent) are also set to experience a small but significant jump in post-Christmas sales, indicating that gift buying will be replaced by shoppers splurging on items for themselves, updating their summer wardrobes and dining out.”
This change in shopping habits means business owners may want to revise their current strategies to make the most of the weeks ahead.
It is also recommended retailers review their retail insurance policy for peace of mind during this busy season.
For more information, contact the team at MGA Insurance today. We can help you find the policy and cover best for you and your business.