Data collated by the Australian Retail Index has recorded a retail spending hike of 6.88% during Chinese Lunar New Year celebrations.
Fashion retail led the splurge with revenue increase hitting 14.7%.
The National Retail Association (NRA) has welcomed the figures as a sign to embrace the influx of Chinese tourists entering Australia.
NRA CEO Trevor Evans believes domestic retailers should harness key opportunities presented through cultural events.
“From commemorative New Year gifts or gift cards, to one-off Lunar sales events, to Chinese theming in red and gold, to cultural performances such as lion-dancing - retailers who embrace the spirit of the celebrations are reaping the greatest rewards.
“Retailers who’ve adapted their offerings to appeal to visiting consumers by hiring bilingual staff, offering better sales, and of course, catering to important dates such as the Chinese Lunar New Year, will stay ahead of the game.”
According to the NRA, Chinese tourists currrently rank as the highest overall spenders among inbound visitors to Australia with an average spend per person totalling $8,616.
Spending from Chinese tourists reportedly accounts for 22% of all tourist expenditure in the domestic market.
Evans said that although surveys conducted on Chinese consumers praise customer service in Australia, local retailers could be doing more to encourage purchases from the contingent.
“However recent surveys suggest that while Chinese tourists give glowing feedback on Australia’s friendliness, environment, attractions and safety, they are yet to be as impressed with its shopping and value for money.”