Canberra, Dec 26 : As the annual shopping event of Boxing Day unfolded on Monday, the shopping spree is expected to boost the economic recovery with a record spending and help Australians save their household spending with discounted prices. Shopping malls in Sydney are full of enthusiastic shoppers with long queues waiting outside of some popular brands. Many brands are also offering sales with big promotions, reports Xinhua news agency. An analysis released by the Commonwealth Bank of Australia (CBA), one of the country's major commercial banks, had revealed that 42 per cent of Australians plan to shop the Boxing Day sales this year, up from 39 per cent who said they shopped last year. Forecasts by the Australian Retailers Association (ARA) with Roy Morgan and Salesforce predicted that consumers would spend a record A$23.5 billion during the Boxing Day sales period, an increase of 7.9 per cent over last year. Hospitality venues are predicted to drive the greatest growth with an increase of 30 per cent over last year while clothing is predicted to see double digit growth with 11.4 per cent year-on-year increase. Department stores are expected to see a growth of 8.9 per cent as well. ARA CEO Paul Zahra said Boxing Day remains an important milestone in the retail calendar and this year will be no exception. "It's clear to see Australian's love affair with shopping continues, shopping and dining-out remain some of our most beloved pass-times through the holiday season." Treasurer of New South Wales (NSW) Matt Kean said the Boxing Day sales are a boost for the state's businesses recovering from the Covid-19 pandemic. "The Boxing Day sales are an opportunity for people to bag a bargain but also to support local retailers, many of whom have had a challenging few years through the pandemic and are starting to bounce back," he said. Despite the shopping enthusiasm, many Australians are planning to spend less than they did last year amid rising cost of living. The CBA research said the average planned spend during this year's Boxing Day sales was A$483.20, down from A$501.60 in 2021. The cost of living pressures remain top of mind for many savvy shoppers, with eight in 10 (78 per cent) planning to shop the sales to purchase essentials when they are on sale. "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," said CBA General Manager for Shopping Rochelle Eldridge. /IANS