ARA reveals Christmas spend forecast
ARA executive director, Russell Zimmerman, said Australian consumers are tipped to spend 3.6 per cent more during the official trading period from November 15 to December 24, than in 2014. The spending forecast comes on the back of increased retail spending in September 2015.
“While the ARA would obviously be thrilled to see higher levels of growth, given the current climate and underlying factors, we’re confident that retailers will see a robust Christmas trade that builds on the amount spent across the country last year,” said Zimmerman.
The ARA has partnered with research partner, Roy Morgan Research, to put together the projections, which factor in aspects such as unemployment and consumer sentiment. In 2014, the ARA and Roy Morgan correctly predicted Christmas spending would reach $45 billion, representing growth of 4.3 per cent, with actual sales hitting $45.2 billion for the period.
The ARA has provided pre-Christmas spending forecasts for over 20 years. “The ARA and Roy Morgan have had almost pinpoint accuracy in our forecast for the last few years, and we’re pleased to see that consumers will continue to hit the shops in their droves in 2015,” said Zimmerman.
“Victorian retailers particularly will be set for a rush in sales over the next six weeks, with forecast growth of 4.6 per cent for the state, while Queensland shoppers will also be considerably active in stores to the tune of 4.2 per cent growth,” said Zimmerman.
Earlier this week the National Retail Association (NRA) predicted consumers across the nation will spend $44.5 billion in the pre-Christmas period.
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