The National Retail Association (NRA) has revealed that Australians are set to splurge over $20.5 billion in the final 10 days before Christmas, with $2 billion set to be spent online.
NSW is expected to take the biggest share at $6.7 billion ahead of Victoria and Queensland at $5.3 billion and $3.9 billion respectively.
Household goods will be the second biggest category, only behind food, at $4 billion with spending at department stores to reach $1.3 billion.
NRA CEO Dominique Lamb said that retailers were readying themselves for a hectic few days as shoppers make last-minute purchases and stock up on fresh food for Christmas Day.
“The NRA is expecting the shopping frenzy to ramp up as we kick-off the 10-day Christmas countdown,” Lamb said.
“According to our forecasts, Australians are set to spend $20.5 billion in the final 10 days as shoppers finalise purchases and bag fresh food for their Christmas Day celebrations. Although there is a growing trend that sees consumers knocking off Christmas shopping earlier than in previous years, the final 10 days is still a frantic time for retailers across the country.
“Delivery delays mean that fewer people will risk making online purchases over the coming days and head in stores for last minute purchases. This is particularly beneficial to retailers in CBD locations, who have had to battle steep drops in foot traffic right throughout the pandemic.”
The NRA has forecast Australians to spend a total of $60 billion throughout the Christmas trade period, which encompasses half of November and all of December.