Australians $15.1 billion splurge at summer sales
Australian retailers have started the new year off with a bang with sales-crazy shoppers expected to spend a whopping $15.1 Billion during the post-Christmas / Summer sale period according to the Australian Retailers Association and Roy Morgan Research.
This is an estimated 2 percent rise on last year's predicted sales of $14.8 Billion.
While clothing and apparel is expected to make up some of the growth, the biggest area of growth comes from the cafe sector where 6.2 percent growth is expected.
"Gift buying will be replaced by shoppers splurging on items for themselves, updating their summer wardrobe and dining out," said ARA Executive Director, Russell Zimmerman.
While the uplift in sales is good for retailers, it is anticipated that much of sale shopping by Australians will be done on credit. For Australians who have put some of their holiday spending on their credit card, Mozo recommends looking at a low or 0% balance transfer credit card to help you minimise your interest payments.
For example, using Mozo's free health check tool, with a balance of $5000 (making payments of $300 per month) switching from a card with an interest rate at 21% to a 0% balance transfer card such as the Westpac Low Rate card you could save $820 in interest and fees.
See here for a list of banks and credit unions that have balance transfer deals that can help save you money.