Monday, April 22, 2024

Expected Christmas spend revealed

A survey of 1,000 respondents revealed that Australians will spend an average $686 each on Christmas.

Of this average spend, $351 is expected to go towards groceries.

The Accenture Research survey also revealed that the main spending influencing factors include grocery costs (35 per cent), disposable income (31 per cent) and utility costs (25 per cent).

Glenn Heppell, Products Lead for Accenture Australia and New Zealand said: “With two-thirds of consumers planning to spend instore, retailers need to carefully plan their strategy for superior customer service as well as labour assortment and allocation of inventory to ensure they are winning the attention of customers at this busy time of year.”

Research highlights

The survey reveals the key shopping trends during the festive season include:

  • Online shopping: 34 per cent of Australians are expected to complete their shopping online, while 66 per cent are predicted to research Amazon before looking or buying elsewhere.
  • Consumers trading up: 26 per cent of shoppers indicated they will trade-up their food shopping this Christmas, with more than 35 per cent planning to buy premium brands rather than private label.
  • Grocery store: With online grocery shopping found to be less common during the festive season, the grocery store remains important to shoppers – 67 per cent of shoppers’ report preferring to hand-pick all fresh food items while.
  • Sustainability: 44 per cent of shoppers surveyed revealed they are more likely to do their holiday shopping with an environmentally conscious retailer.

There is a growing trend toward consumers spending their money on brands that reflect their values and who demonstrate they are taking positive steps to improve sustainability through their business practices,” said Mr Heppell.

The present of choice

The most popular present ideas are expected to be:

  • Gift cards (56 per cent)
  • Clothes/footwear (48 per cent)
  • Toys (42 per cent)
  • Experiential gifts such as cooking classes and concerts (20 per cent).

“From the research, it is evident promotional offers are a reliable way to entice customers, however, retailers need to ensure they are managing these incentives carefully to guarantee they aren’t leaving a gap in their own profits,” Mr Heppell advised.

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