Retailers set to enjoy another record spend this Christmas
The National Retail Association (NRA) has revealed its forecasts for the Christmas season and is claiming the retailers can look forward to another record spend.
The association emphasised the importance of a viable e-commerce platform saying that shoppers will spend more than $50,000 per minute in online purchases, as part of a $50bn spend across all retail.
NRA CEO Dominique Lamb said that a large portion of successful modern retailers are utilising both in-store and digital avenues to maximise revenue across the Christmas trade period, which encompasses the second-half of November and all of December.
“Last week kicked off the official Christmas and Boxing Day trade period and it’s set to be another blockbuster holiday season with shoppers reaching for their wallets to stock up on presents, fresh food and paraphernalia,” said Lamb.
“The NRA is forecasting another record spend this Christmas, with breakthrough sales across both bricks & mortal and online retail.
“Shoppers are set to splurge an average of $54,347 per minute in online sales alone, with digital events such as Cyber Monday enticing Aussies with bargain prices. The total digital spend will reach $3.6 billion over the six weeks.
“But there will also still be plenty of action in traditional, physical stores with total retail spend forecast to easily surpass the $50bn barrier. Consumers will again stampede shopping centres in the lead up to Christmas, and Boxing Day will remain another signature event on the industry calendar.
“We anticipate that this holiday season will see businesses who offer a unique in-store experience, coupled with a savvy online sales avenue, to be the ones who really break new ground.”
The NRA is predicting that each state and territory will see an increased spend in 2018, with a three per cent increase across the country. Lamb said that new trends in modern retail are seeing businesses being forced to keep pace with changing customer behaviour.
“It’s a vital time of year for retailers across the nation. A bumper Christmas harvest not only has a positive impact on the bottom-line, it can also help sustain many smaller operators during quieter periods,” she said.
“In 2019, shoppers can research and purchase items from the comfort of their own home via everyday accessories such as laptops, iPads and iPhones. Changes in consumer behaviour have led to new phenomena during the Christmas period such as Black Friday and Cyber Monday.
“Customers are now placing a greater emphasis on their experience at the shops, and not only traditional factors such as quality and price. Those who are thriving in modern retail offer interactive services that engage shoppers in new and exciting ways.”