The latest retail forecasts are projecting that Australians will spend approximately $32 billon over Christmas, with the average spend per person estimated to be $1200.
The forecast represents an increase over past years and is a major bonus for the retail industry which over the last few years has felt “more Grinch than Santa” according to Margy Osmand, the chief executive of the Australian National Retailers Association (ANRA)
The forecast was compiled by the GE Christmas Retail Index in collaboration with ANRA and projects spending of $5.4 billion this week, with physical retailers seeing $4.9 billion in sales and $7.4 billion projected for online shopping. Overseas spending online is estimated at $1.5 billion.
Ms Osmond says that residents of NSW would be hitting the stores the hardest and will spend approximately $2 billion on their Christmas shopping this week, closely followed by residents of Victoria who are projected to spend $1.7 billion.
“The retail sector has seen some dark times in Christmas past, but we are hoping Christmas future has a happier tale to tell,” she said
A version of this post first appeared on Australia’s leading financial comparison site Money-AU.