Tuesday, April 16, 2024

DIY, travel and treats set to reap $18b for economy this Easter

As Australians gear up for the Easter break, a spending spree across DIY projects, holiday travel, and festive treats is set to bolster the economy.

Across the three categories, Aussies are tipped to spend around $18 billion, with the total spend bolstered by Australia’s population growth of 2.4% across the past year.

The Australian Retailers Association (ARA), in collaboration with Roy Morgan, has unveiled comprehensive insights into the nation’s spending behaviour for Easter 2024.

DIY enthusiasm

Over a third of Australians are embracing the DIY spirit, with a projected spend of $6.3 billion on home improvements, slightly down by 0.5% from the previous year.

The average DIY expenditure stands at $852 per person, with the 18-34 age group leading at a $2.7 billion spend.

ARA CEO Paul Zahra says, “Despite cost pressures, the lure of home improvement remains strong, with 7.8 million Australians undertaking projects, making it a bustling period for home and hardware retailers.”

Travel takes off

Holiday spending is on the rise, hitting over $9.6 billion, a 5% increase from last year, with a notable shift towards overseas destinations.

Despite a slight dip in the number of travellers, the average holiday expenditure has surged to $2,053 per person.

Of the Australians going away this Easter, 53% will travel within their own state, spending $2.3 million (down $500 million or 17%), 34% will go interstate, spending $3.5 million (down $100 million or 2.8%) and 13% overseas, spending $3.8 billion (up $1 billion or 26%).

“While less Australians are holidaying, the overall spend is higher – those who have the money to spare and are less affected by the cost-of-living crunch, are still splashing out,” Mr Zahra said.

Confectionery consumption climbs

Easter treats are witnessing a sweet surge, with spending expected to top $2.05 billion, marking a 23.5% increase.

Easter remains a marquee event on the retail calendar, with research showing 17.3 million Australians plan on buying Easter food and chocolate – up 1 million on a year ago.

Victoria and NSW lead the charge in confectionery spending.

“Australia’s growing populace is driving the uptick in spending on Easter goodies, with the 18-34 demographic spending the most on such treats, reflecting the enduring appeal of Easter as a time of celebration and indulgence,” Mr Zahra said.

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