Australians are set to spend in excess of $16 billion this festive season, on everything from vacations to the traditional Boxing Day sales.

 

The research, released by the Commonwealth Bank, shows spending this Christmas is going to largely benefit the retail and travel sectors. However, other businesses in the hospitality and grocery industries could also see an uplift in sales as consumers plan to increase their spend on food and drink in and out of the home this Christmas.

 

According to the study of more than 1,000 Australians, we’re planning to spend the bulk of our cash on Christmas gifts, with the average Aussie planning to spend $475, equating to a total consumer spend of $7.8 billion nationwide. While 3.3 million Australians will spend an average of $1,152, or $3.7 billion nationally, on vacations during the festive period.

 

Other areas Australians plan to spend their dollars on during the Christmas period include:

  • Boxing Day sales ($2.2 billion)
  • Entertaining friends and family ($1.6 billion nationally)
  • Extra food and drink for the home ($554 million nationally)
  • Extra food and drink out of home ($359 million nationally)

 

According to Adam Bennett, Executive General Manager, Local Business Banking, Commonwealth Bank, these results show that businesses across the country should have an opportunity to claim their piece of the Christmas spending pie.

 

“We know that the unpredictable nature of the current economic climate means many businesses are still adverse to taking unnecessary risk, but our research shows that many businesses should be actively looking to take advantage of the millions of Aussies who plan to open their wallets this Christmas.”