One frenzied hour: The precise time when consumerism hits its $400 million peak
About $400 million will move from consumers to retailers in one hour on Friday in what is probably the worst time to be anywhere near a shop.
Retail is starting to recover from its recession (file photo)
The National Australia Bank used its own data to pinpoint the time when Christmas shopping will hit its most frenetic hour.
It’s between midday and 1pm on Friday, a day when an estimated $4.8 billion will wash out of the bank accounts and wallets of Australian and into the profits or retailers.
The National Retailers Association expects about $21.5 billion would be spent in the 10 days leading up to Christmas. That would represent a 3.9 per cent increase on last year.
Over the month of the entire Christmas trading period, which extends from mid-November to December, retail sales were expected to be about $60 billion.
And the spending won’t be restricted to presents. Clearly, Christmas parties will be in full swing on Friday because the NAB data showed the spending would be at food retailers, restaurants and bars, clothing stores, petrol stations and liquor and tobacco outlets.
The NAB planned for 51 million app log-ins, or 9000 a minute, in the days leading up to Christmas.
While online shopping had continued to grow, about 80 per cent of sales would be in the traditional shops.
The NRA’s interim chief executive Lindsay Carroll said rising inflation and interest rates meant consumers started their Christmas shopping earlier than previous years to spread the cost of their celebrations.
“People have been shopping more often but with smaller purchases, so it’s no surprise retailers will be run off their feet in the final 10 days,” she said.
