Aussies set for Olympic blowout

Money may be tight for a lot of Australians at the moment, but that won't stop us from splashing the cash while the Olympic Games are on.

According to a new study conducted by the Commonwealth Bank, more than $2.6 billion will be spent over the next two weeks or so, as patriotic Aussies celebrate the sporting occasion in style, the Australian Associated Press reports.

Local bars and stores are expecting to see a spike in sales while the London Games take place and the economy will benefit as a result.

On average, sports fans will spend $154 each during the course of the Olympics and analysts believe that men will blow far more cash than women.

There have been numerous signs to suggest that Aussies are steadily loosening the grip on their wallets and purses, as a recent study by PricewaterhouseCoopers showed that a record number of people are now using their credit cards to buy items online.

"Our research shows that the London 2012 Olympic Games will provide a sizable boost to the Australian economy, with millions of Aussies planning to open their wallets," Commonwealth Bank economist James McIntyre was quoted as saying.

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