Fed: Shoppers exceed retailer's expectations in post-Xmas sales.
02 Feb 2009 12:01 AM
EDS: EMBARGOED UNTIL 0001 AEDT Monday, FEB 2
SYDNEY, Feb 2 AAP - Shoppers exceeded retailers' expectations during post Christmas sales, spending $6.5 billion across Australian stores from Boxing Day through to late January.
The Australian Retailers' Association said it was anticipating $6.3 billion would be spent.
Association executive director Richard Evans attributed the higher than expected figure to retailers offering generous sales with up to 70 per cent off stock.
"With heavy discounting taking place, the volume of sales was in fact much greater than previous years - and to date many retailers are continuing to slash prices to move stock before winter," Mr Evans said in a statement on Sunday.
