New research reveals Australians plan to spend more than $550 each online and in-store during the Boxing Day sales, with most preferring to shop in-store.
Commonwealth Bank has today released new research revealing how Aussies plan to shop the Boxing Day sales this year.
According to the data, 40% of those looking to take part in the sales have already predicted how much they’ll be spending – with the average spend expected to be $557.
This is up 14% from what people spent a year ago ($487).
CBA’s Executive General Manager Everyday Banking Kate Crous said this comes as good news for retailers.
“As the nation bounces back, Australians are embracing shopping and are excited to hit the sales," Ms Crous said.
"This is welcome news for retailers, who are keen to see consumers return after a tough few months, and is also great for consumers hoping to get good value from their shopping.”
CommBank credit and debit card data shows that this year, CBA customers are likely to spend 22% more in December relative to the average of all other months in the year, based on previous Christmas spend trends.
CBA debit card spend in December this year is likely to increase by 23% relative to the average across other months, while credit card spend is expected to grow 18% for the month relative to average of other months.
Shoppers embrace the in-store experience
Despite the rise in online shopping, the CBA research shows 41% of Australians plan to shop the Boxing Day sales in-store with a further 28% planning to shop both in-store and online.
When asked why consumers are opting to go in-store, respondents said they’re after both the in-store experience (46%) and looking for inspiration and ideas (43%).
Conversely, the main motivations for planning to shop online are convenience (60%), avoiding queues (54%) and avoiding traffic (43%).
According to historic CommBank credit and debit card data, around 70% of every dollar spent during December is expected to be in–store, compared to online.
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