Australian shoppers adopt new strategy for Boxing Day sales
The thrill of bargain shopping is no longer the strongest draw for the post Christmas sales period
2 min
Cost of living pressures are expected to impact Boxing Day sales with more Australians planning to spend less, new consumer research shows.
The survey conducted on behalf of the Commonwealth Bank showed almost one in two people, or 49 percent of Australians, expect to spend during the annual post Christmas sale period, up from 42 percent last year and 40 percent in 2021. However, the average planned spend this year is expected to be $475.70, or $4.6bn nationally, down from $483.20 in 2022 and $557.05 in 2021.
People under the age of 39 are most likely to spend over this period as they use the sales to buy necessities, CBA chief economist Stephen Hlamarick said.
“The increase we’ve seen in spending at discount and variety stores in November is partly explained by Christmas and holiday shopping with discretionary spend up 1.9 percent,” he said. “However, people are also using the sales to stock up on essentials – with essential spending edging up 0.3 per cent.
“Essential spending usually falls after the “gift giving” period. However, given consumers are clearly seeking sales bargains for both essential and discretionary items, Boxing Day sales could also see a similar trend with a larger share of essential spending.”
CBA personal finance expert Jess Irvine said it was important for shoppers to have a plan before heading out.
“For anyone planning to use Boxing Day as an opportunity to bag a bargain, it is important to have a clear plan in advance of which items you plan to purchase. Write a list and stick to it to limit impulse purchases” said Ms Irvine.
“A good rule of thumb is that if the first time it occurs to you to purchase something is during a sale period, you probably don’t need it.
“If you are stocking up, make sure to do your research and check first for any cashback offers that may be available for that retailer.
She also warned to be wary of suspicious text messages or online scams.
“Stay scam aware when shopping, as scammers are known to be more active during sales periods,” Ms Irvine said. “Always remember to remain cautious, especially at this busy time of year, and stop, check and reject any suspicious websites or text messages.”
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Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
Fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, but missed estimates.
2 minThe Chinese owner of bargain app Temu reported slower quarterly profit and revenue growth, capping a turbulent year for the e-commerce giant as it faced stiff competition at home, geopolitical tensions abroad and U.S. tariff uncertainties.
PDD Holdings on Thursday said fourth-quarter revenue climbed 24% to 110.61 billion yuan, equivalent to $15.30 billion, missing a Visible Alpha estimate of 117.83 billion yuan. It was the slowest pace of growth since the first quarter of 2022.
Net profit rose 18% from a year earlier to 27.45 billion yuan, topping analysts’ expectations of 27.00 billion yuan. However, the growth was slower than the 61% rise in the third quarter and the more than twofold increase a year earlier.
“Looking ahead, we will continue to prioritize investments in the platform ecosystem as the cornerstone of our long-term value creation strategy,” said Jun Liu, PDD’s vice president of finance.
Jefferies analysts in a note said PDD’s top-line miss was due to slower-than-expected revenue growth from transaction services, while revenue from online marketing services and others was in line with consensus.
The easing momentum contrasted sharply with the stunning growth rates the company delivered in past years. PDD last year repeatedly warned of a slowdown, pointing to intensifying competition and external challenges.
Pinduoduo, the company’s discount platform in China, has grown rapidly since it launched nearly a decade ago, taking market share from e-commerce stalwarts Alibaba and JD.com . Its sister platform Temu burst onto the international scene in 2022 and swiftly gained attention in the U.S., attracting customers with low prices.
However, Temu has also encountered regulatory scrutiny as it expands overseas. U.S. President Trump in February delayed his plan to end a provision for China imports that lets platforms avoid paying import duties and customs inspections on low-value packages, offering the likes of Temu a brief reprieve.
For the full year, PDD’s total revenue rose 59% to 393.84 billion yuan and net profit climbed 87% to 60.03 billion yuan.
Last month, rival Alibaba posted its fastest pace of revenue growth since late 2023, with revenue for the latest quarter rising 7.6% to 280 billion yuan. Online retailer JD.com earlier this month nearly tripled its quarterly net profit as revenue climbed 13% to 346.99 billion yuan.
U.S.-listed PDD was recently 6.5% lower in premarket trading after the results.
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