As cost-of-living challenges continue to affect households across Australia, consumers are kicking off their holiday shopping earlier this year. Research conducted by Shopify, reported by the Australian Retailers Association (ARA), reveals that 53% of Australians intend to finalize their gift lists by the end of October, with 58% aiming to complete the majority of their purchases by November’s conclusion.
This shift in shopping behavior is especially pronounced among families, where 70% of parents plan to have their shopping lists ready by October. Additionally, 68% of these families expect to wrap up their shopping before December begins.
The survey, which included 2,000 Australian participants ahead of the Black Friday-Cyber Monday (BFCM) sales event scheduled from November 29 to December 2, indicates that nearly half (49%) of consumers anticipate doing most of their holiday shopping during this promotional period. While 56% of respondents intend to adhere to a specific budget, a significant 36% admit that they often overspend during the festive season.
The survey identified various consumer categories: 9% of respondents identify as “cherishers,” who embrace the holiday shopping experience and plan to spend the most. In contrast, families with children are projected to spend more than double what households without children will allocate. On the other end of the spectrum, 10% of Australians describe themselves as “grinches,” expressing a dislike for the holiday season and indicating that they will spend the least.
Paul Zahra, CEO of the ARA, pointed out that consumers are becoming increasingly strategic in their spending habits. He emphasized the necessity for retailers to adapt to evolving shopping patterns, preparing for early purchasing as shoppers seek out the best deals.
Effective communication of promotional offers is crucial, as 39% of Australians have subscribed to brand notifications specifically to uncover BFCM deals. This number rises to 65% among those planning to spend over $430, as well as among 57% of younger consumers aged 25 to 34 and 56% of parents.
Shaun Broughton, managing director of JAPAC at Shopify, urged retailers to prepare for an extended sales season, noting that online shoppers often begin their purchasing journeys earlier than those shopping in physical stores.
Additional insights reveal that 31% of shoppers are exclusively searching for discounted items, while 26% rely on recommendations from family and friends for their holiday purchases. Although 45% of participants reported feeling satisfied with the deals they secured, 24% experienced buyer’s remorse following the holidays.
As the festive season approaches, a majority of respondents (63%) express a preference for a hybrid shopping model, opting to purchase smaller items online while visiting stores for larger purchases. Technology is also influencing shopping habits, with 36% of consumers utilizing price comparison tools and 27% leveraging mobile applications. Family members significantly influence shopping choices for 46% of Australians, overshadowing the impact of celebrities and influencers, who only sway 7% of shoppers. Retailers must adapt to these shifting consumer behaviors to optimize sales during this crucial period.
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