Australians will spend $1.6 million per minute on Boxing Day
We're set to spend big in this year's sales.
Data from the ARA (Australian Retailers Association) says there has been a 13% increase in Boxing Day spending in the last two years. In 2013 Australians spent an estimated $2 billion, which was then rose 3.3% to $2.07 billion in 2014 and then went by a further 10% in 2014 to hit $2.3 billion.
According to Roy Morgan, spend in the 2015/2016 financial year is up 5% over-all, including online and in-store. This is not unusual: according to Trading Economics, the average increase in retail sales year-on-year is 5.86 from 1983-2016.
Given that data, we can expect at least a 5% increase in Boxing Day spending this year, meaning Australians are poised to spend $2.41 billion on Boxing Day 2016. That's the equivalent of an average $1.67 million spent every minute in those 24 hours.
At finder.com.au, we're inclined to think that figure could actually be rather conservative, given the growing popularity of sales shopping events in Australia this year. It seems clear that Australians are becoming even more savvy in their spending and will wait until a sale to make a purchase.
In 2016 we've seen retail sales increase by 28% on Black Friday and Cyber Monday compared to 2015, in addition to increased interest in deals and coupons throughout the year.
Boxing Day sales in Australia are popular in-store and online, with bargains often reaching 70% off on fashion, electronics, homewares and jewellery. Shoppers queue outside department stores from the early hours and start logging online at just past midnight to snag some bargains.
Australians holding out for a Boxing Day bargain can find all the top online Boxing Day sales in one place.