Cost of living remain top of mind for many shoppers, as Australians plan to spend over $3.6 billion in this year's Boxing Day sales.

The cost of living pressures remains top of mind for many savvy shoppers, with eight in ten (78 percent) planning to shop the sales to purchase essentials when they are on sale.

This is the new consumer research conducted by Commonwealth Bank.

The research revealing 42 percent of Australians plan to shop the Boxing Day sales this year, up from 39 percent who said they shopped last year.

While more Australians are planning to shop the sales, many are planning to spend less than they did last year, with the average planned to spend this year at $483.20, down from $501.60 in 2021. 

CBA’s General Manager, Shopping, Rochelle Eldridge said: “It’s great to hear so many shoppers are using the sales to buy things already on their list that they are looking to purchase anyway. Hopefully, the discounted prices will provide some relief to many Australians’ hip pockets to help them get items they need at a more affordable price.” 

Eldridge said the main reasons people intend to participate in Boxing Day sales this year include:

• Wanting to save money on items I’ll need to purchase anyway (48 per cent)

• I like the feeling of getting a good deal (46 per cent)

• Delaying my normal purchases to buy when they are on sale due to the rising cost of living (40 per cent)

The research also showed top spending categories include fashion and clothing (47 per cent), followed by technology and electronics (38 per cent) and appliances (36 per cent). Only 13 per cent plan to shop for travel-related purchases.

According to CommBank debit card data from December 2021, in-store transaction volumes represented 74 per cent, while online transaction volumes represented 26 per cent.