$50,000 per minute online.
Christmas shoppers are forecast to spend more than $50,000 a minute in online purchases as part of a $50 billion spend across all retail, according to the National Retail Association.
NRA CEO Dominique Lamb said that a large portion of successful modern retailers are utilising both in-store and digital avenues to maximise revenue. The organisation is forecasting another record spend this Christmas, with breakthrough sales across both bricks & mortal and online retail.
Lamb said shoppers are set to splurge an average of $54,347 per minute in online sales alone, with digital events such as Cyber Monday enticing consumers with bargain prices with the total digital spend expected to reach $3.6 billion over the next six weeks.
“But there will also still be plenty of action in traditional, physical stores with total retail spend forecast to easily surpass the $50 billion barrier. We anticipate that this holiday season will see businesses who offer a unique in-store experience, coupled with a savvy online sales avenue, the ones who break new ground.”
Each state and territory is forecast to record an increased spend on 2018 figures, with an increase of 3% nationwide.
Lamb said new trends in modern retail are seeing businesses forced to keep pace with changing customer behaviour. “In 2019, shoppers can research and purchase items from the comfort of their own home via everyday accessories such as laptops, iPads and iPhones. This has led to new phenomena during the Christmas period such as Black Friday and Cyber Monday.
“Customers are now placing greater emphasis on their experience at the shops, and not only traditional factors such as quality and price. Those who are thriving in modern retail offer interactive services that engage shoppers in new and exciting ways.”