Research by Commonwealth Bank of Australia (ASX:CBA) suggests that Australians will spend around $17.8 billion in the five weeks of December and early January.
The bank surveyed 1000 people and estimates the average Australian will spend an additional $1079 in the lead up to Christmas.
The bulk of the spending is said to be made up of gifts and travel while entertainment and the boxing day sales will also see the tills ringing.
While online shopping is on the rise 72 per cent of respondents still said they’d be shopping at bricks and mortar stores.
Commonwealth Bank reported a net profit of $8.6 billion in the 2014 financial year.
