The CBA released new consumer research revealing that 42 per cent of Australians plan to shop the Boxing Day sales this year, up from 39 per cent who said they shopped last year.
While more Australians are planning to shop the sales, many are planning to spend less than they did last year, with the average planned spend this year at $483.20, down from $501.60 in 2021.
The research showed cost-of-living pressures remain top of mind for many shoppers, with eight in 10 (78 per cent) planning to shop the sales to purchase essentials when they are on sale.
CBA’s general manager, shopping, Rochelle Eldridge said that, hopefully, the discounted prices would provide some relief to many Australians’ hip pockets to help them get items they need at a more affordable price.
The main reasons people intend to participate in Boxing Day sales this year include wanting to save money on items they need to purchase anyway (48 per cent), getting a good deal (46 per cent), and delaying normal purchases to buy when they are on sale due to the rising cost of living (40 per cent).
Top spend categories include fashion and clothing (47 per cent), followed by technology and electronics (38 per cent) and appliances (36 per cent). Only 13 per cent plan to shop for travel-related purchases.
When it comes to shopping online versus in-store, around seven in 10 (68 per cent) intend to shop online or via their mobile, while 52 per cent plan to shop in-store.
According to historic CommBank debit card data from December 2021, in-store transaction volumes represented 74 per cent, while online transaction volumes represented 26 per cent.
For those not choosing to shop the sales, the top responses were they were not sure they have enough money to shop this year (40 per cent), there is nothing they need or want to buy (35 per cent), or they can’t afford to due to the rising cost of living (28 per cent).
The focus on spending less on non-essential items during Boxing Day sales is also reflected in consumer attitudes for next year. Of people’s planned 2023 financial goals, one of the top goals is to spend less on non-essential items, with one in two people prioritising this for next year.