SYDNEY, May 27 (Xinhua) -- Australia's peak retail body, the Australian Retailers Association (ARA), has released research findings that forecast Aussies spending in the upcoming mid-year sales.
The forecasts, completed in collaboration with market research firm, Roy Morgan, showed that as many as 6.2 million Australians plan to shop during mid-year sales, intending to spend an average of 1,420 Australian dollars (about 1,012 U.S. dollars) each.
"The mid-year sales are a great opportunity for consumers to pick up a bargain as retailers look to clear out their excess stock," said ARA CEO Paul Zahra on Thursday.
With 83 percent of 2,800 consumers interviewed saying that they planned to spend more than last year, it is estimated that the mid-year boom will generate 8.8 billion Australian dollars (about 6.27 billion U.S. dollars) in sales.
Zahra said the sales would be an opportunity to revitalize Australia's COVID-19 ravaged cities, as foot traffic still sits well below pre-pandemic levels in Australia's capital as people shift to shopping online.
"Coming into the city and having the full shopping and dining experience will go a long way to boosting the recovery efforts of those businesses," added Zahra.
Retail trade in Australia has been gradually creeping up as the nation has removed pandemic-related health measures.
According to data from the Australian Bureau of Statistics (ABS) released on Friday, retail spending increased by 0.9 percent from the previous month, and 9.6 percent from April of 2021.
Director of Quarterly Economy Wide Statistics at the ABS, Ben James, said this was both related to rising food prices and an increase in spending in hospitality venues.
"This is a contrast to the consumer behavior previously seen during the pandemic, where these two industries would consistently move in opposite directions as outbreaks and restrictions either tightened or eased," said James. ■