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This Boxing Day is gearing up to be a massive win for retailers across the country, with shoppers expected to spend $4 billion while on the hunt for bargains.
Research by Commonwealth Bank (ASX: CBA) shows that 69 per cent of Australians are planning to purchase one or multiple items, with the average spend expected to be $557 – an increase of 14 per cent compared to the same time last year.
New clothes, apparel and shoes are predicted to be the top purchase category at 57 per cent, with females aged 18-29 expected to be the biggest spenders within the category.
The second-largest purchase category is technology at 36 per cent, followed by home electricals and white goods at 31 per cent, and furniture at 29 per cent. Males aged between 30-39 are most likely to be upgrading their tech.
“As the nation bounces back, Australians are embracing shopping and are excited to hit the sales,” said Commonwealth Bank’s Executive General Manager, Everyday Banking, Kate Crous.
This is welcome news for retailers, who are keen to see consumers return after a tough few months, and is also great for consumers hoping to get good value from their shopping.”
Despite the rise in online shopping, the research shows that 41 per cent of Australians will shop during Boxing Day sales in-store, and a further 28 per cent plan to snag deals both in-store and online.
On average, men are looking to spend more than women ($646 vs $459) whilst parents with one or two children are looking to make the most out of the sales and spend $731.
Although the packed stores aren’t for everyone, 46 per cent of consumers planning to go to physical retailers cited they were after the in-store experience, whilst 43 per cent are looking for inspirations and ideas.
For the fans of online shopping, 60 per cent were mainly motivated by convenience, 54 per cent want to avoid queues and 43 per cent were happy to avoid traffic.
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