Boxing Day sales tipped to hit $2.4 billion – but Amazon’s share has increased to 10%

William West/ AFP/ Getty Images

Australian retailers got their Christmas wish, with retail sales on Boxing Day tipped to hit $2.4 billion, according to the Australian Retail Association (ARA).

Russell Zimmerman, ARA Executive Director, said an increase in foot traffic to bricks-and-mortar retailers combined with a boost in online shoppers has the ARA expecting an increase on 2016 figures.

“Every year Boxing Day crowds seem to grow, however with the growth of online retail the ARA believe many Australians got their bargains online this year, with consumers choosing to click through websites to take advantage of the best sales of the year,” Zimmerman said.

Zimmerman said Myer alone was expecting 1.6 million people through its doors after launching a 70% off stocktake sale, however this push was also in response to a move by Amazon Australia.

The global online retailer, which launched in Australia just three weeks ago, offered 40% discounts on a huge range of stock in an effort to compete with Myer and David Jones.

Industry experts expect online shopping to take a 7 to 10% share of the Boxing Day Sales market this year, according to a report in The Australian Financial Review.

The ARA and Roy Morgan Research predict Australian shoppers to spend almost $18 billion between December 26 and January 15, 2018.

“We anticipate consumers to continue taking advantage of the best retail sales of the year for the next two or three weeks, both in-store and online,” Zimmerman said.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.