As Australians gear up for the Easter break, a spending spree across DIY projects, holiday travel, and festive treats is set to bolster the economy.
Across the three categories, Aussies are tipped to spend around $18 billion, with the total spend bolstered by Australia’s population growth of 2.4 percent across the past year.
The Australian Retailers Association (ARA), in collaboration with Roy Morgan, has unveiled comprehensive insights into the nation’s spending behaviour for Easter 2024.
DIY Enthusiasm Unabated
Over a third of Australians are embracing the DIY spirit, with a projected spend of $6.3 billion on home improvements, slightly down by 0.5% from the previous year.
The average DIY expenditure stands at $852 per person, with the 18-34 age group leading at a $2.7 billion spend.
ARA CEO Paul Zahra highlighted, “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.”
Travel Takes Off
Holiday spending is on the rise, hitting over $9.6 billion, a 5% increase from last year, with a notable shift towards overseas destinations.
Despite a slight dip in the number of travellers, the average holiday expenditure has surged to $2,053 per person.
Of the Australians going away this Easter, 53% will travel within their own state, spending $2.3 million (down $500 million or 17%), 34% will go interstate, spending $3.5 million (down $100 million or 2.8%) and 13% overseas, spending $3.8 billion (up $1 billion or 26%).
“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,” Mr Zahra said.
Confectionery Consumption Climbs
Easter treats are witnessing a sweet surge, with spending expected to top $2.05 billion, marking a 23.5% increase.
Easter remains a marquee event on the retail calendar, with research showing 17.3 million Australians plan on buying Easter food and chocolate – up 1 million on a year ago.
Victoria and New South Wales lead the charge in confectionery spending.
“Australia’s growing populace is driving the uptick in spending on Easter goodies, with the 18-34 demographic spending the most on such treats, reflecting the enduring appeal of Easter as a time of celebration and indulgence,” Mr Zahra said.
ENDS
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