Australian Consumers Spend 20 Trillion Won on Shopping During Year-End and New Year... Record High

Boxing Day Spending Expected to Reach Record High
Per Capita Spending Likely to Slightly Decrease

People shopping in Melbourne, Australia

[Asia Economy Reporter Kim Junran] As the first year-end and New Year period without social distancing measures due to the COVID-19 pandemic arrives, Australian shoppers' spending is expected to reach an all-time high.

According to The Australian daily on the 26th, the Australian Retailers Association (ARA) reported that Australian consumers spent 3 billion Australian dollars (approximately 2.6 trillion Korean won) in just one day on December 26, known as 'Boxing Day.' Boxing Day refers to the day after Christmas, and in Australia, it is designated as a holiday along with Christmas to observe the Christmas holiday period.

ARA also forecasted that total spending during the Boxing Day sales period, which starts on this day and continues until January 15, will reach 23.5 billion Australian dollars (approximately 20 trillion Korean won). This represents a 7.9% increase compared to the same period last year, marking a record high.

ARA predicted that sales in sectors such as restaurants, hotels, and tourism will increase by 30% compared to a year ago, and medical expenses will rise by 11.4%. By category, sales in food, household goods, and clothing are expected to be the largest.

Regarding this increase in consumption, ARA analyzed that despite households being pressured by high inflation rates and rising living costs, consumer sentiment was strongly influenced this year by the fact that families and friends could gather together for Christmas for the first time in three years.

However, experts predict that this consumption trend will be difficult to continue next year. Inflation continues to rise, and with ongoing interest rate hikes, the burden of mortgage repayments is increasing.

In fact, according to a survey by the Commonwealth Bank of Australia (CBA), the average spending budget for Australians on this Boxing Day was 483.2 Australian dollars (approximately 415,000 Korean won). This is about 3.7% lower than last year. Despite the decrease in average spending, overall consumption increased because more people went shopping.

This content was produced with the assistance of AI translation services.