Christmas and Boxing Day spending exceeds expectations

After some low numbers in early December, pre-Christmas retail sales have defied expectations to post a record result. 
 
According to Westpac and the ARA:
💰Christmas spending was up 8.6% YoY for a total of $74.5 billion
💰Boxing Day trading was even better with growth of 15.3% YoY with a daily total of $1.23 billion. 

It seems that Australian consumers aren't done with their post-COVID spending spree just yet.

I expect that above trend retail spending will persist well into 2023, buoyed by low unemployment and the significant excess savings still sitting on household balance sheets.