The chief executive of Coles Group expects a pre-Christmas spending splurge as cashed-up shoppers use some of the estimated $100 billion in cash they have stashed away during lockdowns and restrictions on premium food and drink for Christmas gatherings and beyond into summer.

Steven Cain anticipates one of the biggest spend-ups on food and drinks for Christmas for many years, and is keeping a close eye on price hikes, especially in red meat, although he does not expect inflation to become a major issue just yet.