Australians are tipped to spend around $18 billion on DIY projects, holiday travel, and festive treats this Easter season.
The Australian Retailers Association, in collaboration with Roy Morgan, identified the 2.4 per cent population growth to drive the higher Easter spending this year.
Australians are estimated to spend $6.3 billion on home improvement, down 0.5 per cent from the previous year, with average DIY expenditure to stand at $852 per person.
“Despite cost pressures, the lure of home improvement remains strong, with 7.8 million Australians undertaking projects, making it a bustling period for home and hardware retailers,” ARA CEO Paul Zahra said.
Meanwhile, confectionary spending is anticipated to surge 23.5 per cent to $2.05 billion as 17.3 million Australians plan to purchase Easter food and chocolate.
“Australia’s growing populace is driving the uptick in spending on Easter goodies, with the 18 to 34 demographic spending the most on such treats, reflecting the enduring appeal of Easter as a time of celebration and indulgence,” Zahra said.
In addition, travel spending is forecasted to rise 5 per cent to $9.6 billion, with a notable shift to overseas destinations. Around 53 per cent of the travelling Australians will take a holiday trip within their state while 34 per cent will go interstate and 13 per cent overseas.
Intrastate travel spending is predicted to drop 17 per cent to $2.3 million, while interstate travel spending is estimated to fall 2.8 per cent to $3.5 million. Overseas travel spending is expected to climb 26 per cent to $3.8 billion.
“While less Australians are holidaying, the overall spend is higher – those who have the money to spare and are less affected by the cost-of-living crunch, are still splashing out,” Zahra said.
