NATIONAL: Fashion retailers may benefit from an anticipated last minute rush in Christmas spending this week, with 64 per cent of consumers buying clothing and footwear during the season.
This figure, released by the Australian Retailers Association (ARA), puts the categories ahead of electronic music goods, board games and event tickets as a preferred item to buy.
The industry body reported retailers are expecting a last minute rush in Christmas spending. It found 51 per cent of consumers were finishing their shopping this week and 25 per cent were to begin their shopping this week. It reported that 62 per cent of consumers spend more that $500 over the Christmas period.
ARA executive director Russell Zimmerman said last week's sales were below average or met expectations for 50 per cent of retailers. He said they will be hoping for a surge in spending this week to meet the anticipated $38.7 billion in sales for the period.
This expected figure comprised $12.6 billion for NSW, $9.3 billion for Victoria, $8.1 billion for Queensland, $4.1 billion for WA, $2.7 billion for SA , $812 million for Tasmania, $386 million for NT and $735 million for ACT.
"Consumer patterns have understandably changed to adapt to the three successive interest rate rises, but confidence is slowly returning with 41 percent of retailers finding last week's trading figures to be up by as much as 10 percent compared to week before," said Zimmerman. "In fact, 61 percent of consumers predict a slight improvement in the economy in 2010."
"This Christmas, there is no doubt that consumers will shop, but their purchase patterns will mirror the careful optimism they feel about the economy. Retailers can expect fair trade but it will be below their expectations," he said.