According to new data from CommBank, 85 percent of Millennials will spend $1,000 on Christmas shopping – $400 above the national average.
While previous predictions have estimated spending to reach $51 billion this Christmas, CommBank says that of that, consumers will spend $10.7 billion on actual gifts.
The 2018 Commonwealth Bank Christmas Consumer Spending Study has found that 85 percent of Millennials will spend up to $1,000 on gifts, while a further 15 percent will spend more than $1,000. It’s also estimated that 31 percent of these shoppers will leave their shopping until less than a week before Christmas Day, with two million Aussies expected to flock in-store on Christmas Eve to get their last-minute gifts.
Both online and bricks-and-mortar retailers are expected to take a slice of this increase in retail spending over the next few weeks, with CommBank saying 56 percent of shoppers will be heading in-store and jumping online without a budget. Meanwhile, one in four (39 percent) won’t be paying attention to how much they’re spending.
According to CommBank, consumers in NSW and ACT will be the biggest spenders, splashing out an average of $637 each or $4 billion in total, followed closely by Victoria and Tasmania with an average spend of $519 per person or a total of $2.7 billion.
SOURCE:2018 Commonwealth Bank Christmas Consumer Spending Study
The report has also revealed the busiest shopping days for 2018, with retailers expected to be at their busiest on December 15, 18 and 22. While bricks-and-mortar stores will likely receive the bulk of these last-minute sales, online retailers with fast shipping alternatives and guaranteed delivery dates can also expect to see a boost.
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