Despite the cost of living Australians are grappling with, a new survey predicts families will spend $400 million more on Easter food and chocolates this year. This is a time for entrepreneurs and business owners to take initiatives to the next level and capitalize on this spending frenzy.
In collaboration with Roy Morgan, the Australian Retailers Association (ARA) anticipates that Australian families will spend a total of over $2 billion on chocolates and hot cross buns.
This is an increase of 23.5% compared to the previous year. A million citizens plan to open their wallets and spend money on special food this festive time.
Big spenders on Easter
Residents of Victoria have been singled out in the report as the biggest spenders this Easter. They are expected to spend $760 million on chocolates and other treats associated with this festivity. That amounts to $175 per person.
New South Wales is not far behind. It has an estimated $640 million to be spent in this area in preparation for the special holiday celebrations. That’s an average of $114 per head.
Although more Australians plan to splurge on Easter food this year, only 8% plan to increase their budget from last year. A third of the recipients plan to spend less than they bought in 2023.
Young people aged 18-34 will spend the most on treats at $800 million across Australia. The prediction is that an average of $136 will be spent per person. The second largest age group likely to spend $122 per head this Easter is those 35-49 years old.
Reason for more dollars being spent
ARA believes the reason more than a million Australians intend to spend their money on the festivities this year could be linked to rapid population growth.
CEO Paul Zahra: “Roughly one million more people will be buying Easter treats this year, which coincides with Australia’s population growth of 2.4% over the past year.”
The spending habits have changed over the last year. More people are earning an income, have jobs, and are participating in the country’s economy. Zahra says most Australians want to spend the same or less than last year. “The increase in our population has bolstered the overall spend significantly.”
Financial pressure not spoiling Easter 2024
The ARA acknowledges that Australians are still under severe financial pressure due to the rising cost of living and interest rates. However, while working longer hours, more financial pressure exists to make ends meet.
“For many, Easter is a time to relax and enjoy special time with family and friends,” says Zahra. “Easter is the last break before winter sets in and a respite from an intense start to the year.”
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