David Jones and Myer began their Boxing Day sales in Sydney and Melbourne today at 5am as retailers hope to bank around $2.072 billion in sales today – a potential record figure, estimated to be up $72 million on 2013.
All up, consumers are expected to spend around $16 billion in the three-week sale period – $850 each, an increase of 3.4%.
This latest round of spending comes off the back of an estimated $30 billion in sales during the Christmas period. The figure defies predictions of a slow trading. And now it seems shoppers left early on Christmas Eve to ready for a Boxing Day splurge.
While New South Wales is tipped to experience a 4.2% increase growth in post-Christmas sales between Boxing Day and 15 January, Victorians are predicted to spend more than any other state on Boxing Day itself, with $682 million, ahead of NSW on $584 million and Queensland, $374 million.
Australian Retailers Association (ARA) executive director Russell Zimmerman said said limits to trading hours in NSW will cost $98 million in sales.
“The ARA is extremely concerned that retailers in some states across Australia are disadvantaged by restrictive reading hours that prevent them from opening their stores on Boxing Day,” he said.
“Consumers can buy online 24/7 but many bricks and mortar stores are still unable to open on, what is for many, the largest trading day of the year. We urge the government to review these restrictions as soon as possible.
Some sales began online on Christmas Eve as stores closed, including Myer and Dick Smith.
David Jones had shoppers lined up in the pre-dawn light for a 5am start with model Jesinta Campbell ringing the bell to start trading.
Myer offered special “golden tickets” to the first 500 customers at its Melbourne and Sydney CBD stores as the company seeks to clear $200 million in stock.
Here’s how and where Australian consumers will spend their money according to Roy Morgan Research.
Business Insider Emails & Alerts
Site highlights each day to your inbox.