For the third week in December, the retail industry gears up for a huge pre-Christmas weekend. Last minute gifts fly off the shelves, traditionally putting a spike in sales and delivering retailers a strong finish to the season of all seasons. According to BDO National Retail Lead Partner Simon Scalzo, figures continue to improve with the imminence of Christmas.
Retailers are hoping for a super weekend, much like this time in 2014 when they were delighted with a 10% increase in sales. In lieu of a credit card blowout, statistics reveal that Australians are increasingly making payments in cash. More surprisingly, the use of vouchers increased over 9% last week.
Fortunately, item numbers per transaction have already grown in week one by 12% and around 9% in week two. For retailers, this means an efficient movement of stock and successful Christmas period.
Categorically, fashion retail is one to watch. Up 12.36% from the corresponding week in 2014, the industry is leveraging off the decline in the AUD. Consumers in search of greater value have triggered this foot traffic in bricks and mortar retail outlets. Recent international chain-store openings also contribute to this increase, as H&M, Zara and Uniqlo excite the market country wide.
*Data Sourced from BDO’s Australian Retail Index Press Release