As Australians prepare for the Easter holidays, spending on DIY projects, holiday travel and festive feasts is expected to surge to support the economy.
Across the three categories, Australians are expected to spend around $18 billion, with total spending increased by Australia's 2.4% population growth over the past year.
The Australian Retail Association (ARA), in collaboration with Roy Morgan, has released comprehensive insights into people's spending behavior in the lead-up to Easter 2024.
Unwavering enthusiasm for DIY
More than a third of Australians have embraced the DIY ethos, with $6.3 billion expected to be spent on home improvements, down slightly by 0.5% year-on-year.
The average amount spent on DIY was $852 per person, with the 18-34 age group leading the charge at $2.7 billion.
ARA CEO Paul Zahra said: “Despite cost pressures, the appeal of home improvement remains strong, with 7.8 million Australians embarking on a project and home and hardware retail “This is a busy time for businesses,” he said.
The journey begins
Holiday spending is on the rise, reaching more than $9.6 billion, an increase of 5% year-on-year, with a significant shift toward overseas travel.
Even though the number of travelers is down slightly, average vacation spending has jumped to $2,053 per person.
Of Australians heading home for Easter this year, 53% will spend $2.3 million ($500 million, down 17%) on intrastate travel and 34% will spend $3.5 million ($100 million, down 2.8%) on interstate travel. 13% plan to travel abroad. , spent $3.8 billion (an increase of $1 billion or 26%).
“Australians are taking fewer holidays, but overall spending is up. Those with more money and less affected by tight living costs are still splurging,” Zahra said. Stated.
Increase in confectionery consumption
Easter candy is on the rise, with spending expected to rise 23.5% to more than $2.05 billion.
Easter remains a hot event for the retail industry, with research showing 17.3 million Australians are planning to buy Easter food and chocolate, an increase of 1 million on the previous year.
Victoria and New South Wales lead the way in spending on confectionery.
“Australia's growing population has led to increased spending on Easter goods, with the 18 to 34-year-old demographic spending the most on such sweets. reflects the enduring appeal of the brand,” Zahra said.
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