Australian shoppers on the hunt for a Boxing Day bargain are expected to splurge more than $2 billion, the biggest day of sales in Australian history.

Retailers expect shops around the country will take in more than $16 billion over the next three weeks, including $2.072 billion on Friday alone.

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If those expectations pan out, it would be the first time Australian shoppers have spent more than $2 billion in a single day.

Victorians will spend the most post-Christmas, according to the Australian Retailers Association (ARA), spending about $682 million on Boxing Day while NSW is expected to fork out $584 million.

Australian shoppers will spend a whopping $850 on average each between Boxing Day and January 15.

Australian families with spend an average of $273 on Boxing Day alone, snapping up clothing and footwear, food and liquor and household goods, according to the Australian National Retail Association (ANRA).

Some shoppers have been lining up for Boxing Day sales since 7.30pm YESTERDAY. @abcnews pic.twitter.com/1YMqiX1xo3

— Margaret Paul (@margaretpaul) December 25, 2014

“The boost to household budgets from record low interest rates and lower fuel prices will go towards making this year’s Boxing Day and end of year sale period better than last year,” ANRA CEO Anna McPhee said.

Hundreds of people queued outside David Jones and Myer overnight to get their hands on giveaways and vouchers.

4:30am – hundreds queuing outside @DavidJonesStore and @myer Bourke St Mall for Boxing Day Sales. @7NewsMelbourne pic.twitter.com/VPZrfVhU57 — Melina Sarris (@MelinaSarris7) December 25, 2014

Despite poor consumer confidence, Australians are expected to spend $72 million more this Boxing Day than 2013, which is “a fantastic sign for the retail industry”, according to ARA executive director Russell Zimmerman.

Shopping centres are opening their doors earlier on Boxing Day to accommodate the influx of shoppers, with David Jones stores in Sydney and Melbourne CBDs opening at 5am.

Mr Zimmerman slammed “ludicrous” retail regulations in NSW preventing shops outside the city’s CBD from opening their doors early on Boxing Day.

The queue outside David Jones Sydney ahead of the Boxing Day sales. Long lines outside Myer too. @abcnews #abcnews pic.twitter.com/MMJMfzwtYr

— Mazoe Ford (@mazoeford) December 25, 2014

– with AAP