As part of Savvy’s ongoing research into consumer trends and spending habits, we take a look at whether 2022’s Boxing Day sales will be a hot prospect in the light of pre-Christmas sales such as Black Friday.
- 52% of Australians intend to spend money at Boxing Day Sales in 2022
- 25% will spend from $100 to $500 at the sales
- Clothes, shoes, and electronics are the most sought-after items this Boxing Day
- 76% say they will be dipping into savings to fund their purchases
A recent representative Australian survey (n=1,000) conducted by Savvy has revealed that over half of Australians will be spending their leftover Christmas cash on Boxing Day sales in 2022.
20% of Australians surveyed said they’d be spending between $1 and $100; followed by 14% saying they’ll spend between $101 and $250, and 11% intending to spend $251 to $500.
Interestingly, 1% of surveyed men said they’d be spending up to $2,000.
As for how they’ll be paying for their post-Christmas presents, when asked to choose their top three methods, a whopping 76% told the survey that they’d mainly be using their savings – with 79% of women indicating they’d be primarily using savings.
The next most popular method was the credit card (28%) and Buy Now Pay Later services such as AfterPay or Zip Pay (17%).
What Santa Doesn’t Bring, Boxing Day Will
The clear winner on Boxing Day will be clothes shops and boutiques, with 62% reporting they’d be buying clothes and shoes: 57% of men and 67% of women, when asked to select their top preferences. 79% of the 18–24-year-old demographic also indicated that clothes and shoes would be on their Boxing Day shopping list.
The next most popular items were electronics (27%), beauty and cosmetics (18% – split 5% men and 31% women), and home wares or furniture (14%).
Boxing Day sales have always been the traditional holiday sales period for Australia. According to the ABC, Australian shoppers were expected to spend $21 billion on the Boxing Day sales in 2021. Further, the national broadcaster considers the sales to span the 26th of December to the 15th of January in bricks-and-mortar retail stores. The Commonwealth Bank’s own survey showed that Australians would spend about $4 billion, though it was unclear as to what they considered a “Boxing Day sale.”
During Black Friday this year, Australian retailers made almost $5 billion in sales, according to Smart Company. This included retail sales and online sales.
Despite the Reserve Bank lifting interest rates for an eighth consecutive month to 3.1%p.a., the ANZ/Roy Morgan consumer confidence report showed a dip of 0.5%. However, there was a slight recovery in perception of “current economic conditions” and a 5.2% rise in people indicating “it’s time to buy a big ticket/major household item.”
The forecasted retail spending during pre-Christmas sales in 2022, according to the Australian Retailers Association/Roy Morgan, stood at $63.9 billion, up 3% on last year.
For more information contact PR & Communications Manager, Adrian Edlington: [email protected]
Savvy, Festive Season 2022 survey, (n=1000)