Canberrans have opened their wallets and punched in their pin codes at record levels in 2018, as retail spending in the capital soars beyond $5 billion.

The ACT's growing and relatively high-wage-earning population is being credited for an increased buoyancy in the ACT's retail sector.

Australian Bureau of Statistics figures show more than $4.91 billion had been spent in the ACT's retail sector as of October this year, up from $4.62 million at the same time in 2017.

Canberrans are expected to spend $940 million in the six weeks leading up to Christmas.

Total retail turnover was expected to rocket past the $5 billion mark by the end of the year, with the Australian Retailers Association predicting Canberrans would spend $940 million in the six weeks leading up to Christmas Day.