The National Retail Association released its projections for the Christmas sales period, predicting that Australians will spend around $63 billion between now and the end of December.
However, association Director Rob Godwin said the industry was expecting a generally flat sales period, with little-to-no growth compared with last year.
“We are predicting the industry as a whole will have around the same result as last year – probably in the area of $63 billion nationwide,” Mr Godwin said.
“We are already seeing around 40 per cent of retailers beginning the discounting cycle, in order to get consumers to open their wallets.
“As a result, it’s shaping up as very much a buyers’ Christmas, with great deals already available for those who get in early.”
Mr Godwin said the high point for the sector was the increasing popularity of the Black Friday/Cyber Monday sale, which generated billions of dollars in sales, and is challenging the traditional Boxing Day and post-Christmas sales period as Australia’s premier shopping event.
“While we know people are tightening their belts at the moment, the good news is that there are bargains to be found out there, 2023 will definitely be a buyers’ Christmas,” he said.
Buyers’ Christmas over fears of flat festive sales
SAVVY shoppers have the chance to grab an early Christmas bargain as retailers across Sydney bring forward their discounting strategies in the face of flat festive season sales.