The report published by Roy Morgan and the Australian Retailers Association (ARA) forecasts a 15 per cent increase in spending this holiday season.
More than 16 million Australians will purchase gifts this year, an increase of 1 per cent on a year-on-year comparison. On average, these shoppers are forecast to spend $707 each.
With the rise of Black Friday sales events, more than 50 per cent of consumers surveyed reported that they have already purchased at least one gift as of mid-October.
ARA chief industry affairs officer Fleur Brown said the data highlighted the importance consumers are placing on value for money.
“With Australians continuing to battle a cost-of-living crisis, we know more people are planning ahead this year and carefully researching to find gifts at the best available prices,” Brown said.
“Overall peak season spending projections are at $69.7 billion, up 2.7 per cent on last year. This boost in spending is very welcome news - particularly for discretionary retailers who make up to two-thirds of their annual profits during peak season.
“It’s continuing to be an incredibly challenging year for retail, with slowed consumer spending coupled with rising costs of doing business.”
Among those surveyed, 63 per cent reported they will be spending the same as last year, while 29 per cent say they will be spending less.
More reading
Retailers prepare for biggest Black Friday yet
Critical sales events on the horizon for Aussie jewellery retailers
Christmas sales forecast: What can retailers expect?
Jewellery sales: Lessons learned for retailers in October
Intriguing jewellery sales analysis as December draws near
From ordinary to extraordinary: The secrets to a successful holiday season