Australians are set to splurge $1.25 billion today in a Boxing Day bonanza as shoppers look to spoil themselves for one last time before 2024.
Research by the Australian Retailers Association (ARA), in partnership with Roy Morgan, reveals Boxing Day spending this year is set to increase 1.6% on last year, up from $1.23 billion, with the Boxing Day sales (Dec 26 - Jan 15) projected to bring in $23.9 billion, up 1.6% on last year.
While modest, the projected spending growth is encouraging for retailers given the slowdown in discretionary spending.
ARA CEO Paul Zahra said the importance of the Boxing Day sales cannot be understated as retailers look to build momentum heading into the new year.
"Boxing Day is the Grand Final of Australia's favourite sport, shopping," Mr Zahra said.
"There's no doubt Aussies love a bargain and despite cost-of-living pressures and economic turbulence, Australians are still set to spend slightly more than last year in the final pitstop before 2024.
"This is the biggest clearance event of the year - as retailers move to clear stock and refresh their offerings ahead of the new year. Shoppers can expect to find some unprecedented deals both instore and online"
Mr Zahra reiterated that the transition from Christmas to Boxing Day also represents a change in shopper behaviour.
"In the lead up to Christmas, shoppers are focused on buying gifts for their family and loved ones. Post-Christmas, Australian's typically turn their minds to purchases for themselves and their household, focusing on snagging a bargain" Mr Zahra added.
Ahead of the Boxing Day sales, which typically attract big crowds, Mr Zahra said it is important for shoppers to come prepared.
"It can be a bit overwhelming shopping instore - especially on Boxing Day itself," he said.
"To navigate the crowds and make the most of the deals, shoppers should consider creating a metaphorical Boxing Day survival kit.
"Wear comfortable clothing and shoes, bring your reusable bags, don't forget a bottle of water, and make sure to charge your phone before heading to the shops.
"This year, shoppers who research and do their own price comparisons will get the best deals.
"Above all else, be patient and maintain a positive attitude - retail workers are sacrificing their holidays to ensure seamless customer service during the peak retail period of the year."
"Those wanting to avoid the crowds will be letting their fingers do the shopping from the comfort of their home with the convenience of online."
