Retail spending for June 2017 expected to hit $8 billion
According to research, Australian spending is set to rise significantly this month.
This year, Australia's June retail spend is expected to hit $8 billion*. According to research from finder.com.au analysts, this projection follows the upward trend in spending seen every year since 2010.
Over the last seven years, when looking at the amount Australians spend on retail shopping during April, May and June, the average jump between the amount spent on retail in April and the amount spent in June is 8.15%. As a result, it's expected that the retail spend this year will jump accordingly from $7.4 billion recorded in April to $8.0 billion in June.
In fact, June spending in the retail sector has increased by over $1.2 billion since 2010 and the strongest growth can be clearly seen in the clothing, footwear and accessories categories.
The spike in June spending is largely driven by the end of financial year (EOFY) sales period. It won't be surprising to see the retail spend for this June rise to never-before-seen heights given how many savvy shoppers intend on snagging a bargain in the sales. According to research from Salmat, almost two-thirds (61%) of Aussies are looking to pick up a bargain in the EOFY sales this month.
This year, the top product categories are expected to be some of the pricier, big ticket items, which also contributes to the rise in spending. 40% of people are looking to buy furniture and homewares in the sales, which are a lot more expensive than items such as food and fashion.
To find out more about the EOFY sales and which stores are currently participating, head to our end of financial year sales page.
*Figures calculated using ABS data