Australians to spend big during World Cup

Australians will splurge a collective $884.2 million on discretionary World Cup spending over the coming five weeks, a business information analyst has claimed.

According to research by IBISWorld, merchandisers, retailers, football organisations and bookmakers will be the big winners during the 2010 Football World Cup, which kicks off in South Africa on June 12th and runs until July 12 (AEST).

IBISWorld has predicted that the average Australian will spend $40.05 on World Cup treats, with around one million expected to buy an item of merchandise such as a jersey, scarf or beanie.

"Football fever will be used to promote everything from breakfast cereals to deodorant," IBISWorld general manager Robert Bryant said.

"Non-clothing merchandise including Socceroos branding to generate sales is forecast to attract an additional $300 million in revenue, or three per cent of Australia’s overall monthly retail spend."

The news may encourage Aussies to compare credit cards in search of greater spending power. Last week, Nicole Rich, policy and campaigns director at the Consumer Action Law Centre, told ABC News that Australia’s financial institutions need to make it easier for consumers to understand the costs and conditions involved in a credit agreement.

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