Millions of Aussies are gearing up to splurge on Boxing Day sales, as the annual post-Christmas bargains lure shoppers like never before.
As both online and brick and mortar stores prepare for the influx of shoppers, research conducted by Finder revealed as many as 6 million Aussies are planning to hit the sales in the days after Christmas.
According to the research, men are likely to spend more than women, and clothing and shoes are high on the bargain wishlists.
Finder shopping expert Chris Jager said Boxing Day is one of the most highly anticipated sales events of the year.
“If you‘re shopping online, you can expect many deals to go live at the stroke of midnight,” Mr Jager said.
“If you plan to shop in-store, you‘ll have to wait for your favourite retailers to open their doors. Often, retailers have altered opening hours for Boxing Day, giving you more time to shop all the available deals.”
According to forecasts by the Australian Retailers Association (ARA), consumers are predicted to spend a record $23.5 billion on Boxing Day sales, an increase of nearly 8 per cent over the last year.
Despite the pandemic, hospitality venues are expected to drive the greatest growth, predicted to increase 30 per cent from this time last year while Aussies were battling the Omicron outbreak.
Clothing sales are set to rise too, with an 11.4 per cent predicted rise over the past twelve months.
ARA CEO Paul Zahra said that while a slowdown is anticipated during 2023, these results are encouraging in a challenging economic environment.
“It’s clear to see Australian’s love affair with shopping continues – shopping and dining-out remain some of our most beloved pass-times through the holiday season,” Mr Zahra said.
“Whilst it’s encouraging to see continued record results for retail, it’s important to acknowledge there are a range of factors influencing the results – including inflationary pricing, and unseasonal weather both impacting the fashion industry.
“Christmas trading is focused on gifts for others. Post-Christmas Australians typically turn their minds to purchases for themselves and their household.
“It’s been a tough year for many, and this year we are seeing what we are calling ‘freedom’ spending, where people reward themselves after an intense and challenging period. The rush to get out and indulge the senses – eat drink and be merry – remains a constant through this holiday period as Australians recover their post-pandemic mojo,” he said.