Australians are predicted to spend around $18 billion on DIY projects, holiday travel and festive treats this Easter season.
The Retail Federation of Australia, in collaboration with Roy Morgan, identified a 2.4% population increase as driving an increase in Easter spending this year.
Australians are estimated to spend $6.3 billion on home improvements, down 0.5% year-on-year, with average DIY spending of $852 per person.
ARA CEO Paul Zahra said: “Despite cost pressures, the appeal of home renovation remains strong, with 7.8 million Australians embarking on a project and home and hardware retailers “It's a busy time for us.”
Meanwhile, spending on confectionery is expected to rise 23.5% to $2.05 billion, as 17.3 million Australians plan to buy Easter food and chocolate.
“Spending on Easter goods is increasing as Australia's population grows, with 18 to 34 year olds spending the most on such sweets, and Easter as a time of celebration and indulgence. reflects the enduring appeal of the brand,” Zahra said.
Additionally, there will be a significant shift towards international travel, with travel spending expected to increase by 5% to $9.6 billion. Approximately 53% of Australians who travel holiday within the states, 34% travel interstate and 13% travel internationally.
Intrastate travel spending is projected to decline 17% to $2.3 million, while interstate travel spending is projected to decline 2.8% to $3.5 million. International travel spending is expected to increase 26% to $3.8 billion.
“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. said.