abc.net.au/news/retail-sales-cost-of-living-december-christmas/101910954There are clearer signs that consumers are feeling the pain of high inflation and successive interest rate hikes as Australian retailers have posted their first drop in sales in almost a year.Turnover rose 7.5pc, compared to a year ago Shoppers across the nation spent $34.47 billion in December, a period which coincides with Christmas and Boxing Day sales.
That was a sharp fall in sale turnover compared to the previous month's record high, according to new data released by the Australian Bureau of Statistics on Tuesday. It was also much worse than expected, given Reuters-polled economists were only expecting a slight drop . "This is the first monthly fall in retail turnover for 2022, following 11 consecutive monthly rises," Ben Dorber, the ABS head of retail statistics, said.
"Retail turnover remains elevated at its sixth highest level in the series and was up 7.5 per cent through the year. The large fall in December suggests that retail spending is slowing due to high cost-of-living pressures."Retail businesses reported that many consumers had responded to these pressures by doing more Christmas shopping in November to take advantage of heavy promotional activity and discounting as part of the Black Friday sales event.
Source: Loan Digest (loandigest.net)
Anyone ask cafe owners what their thoughts are?
I can't imagine who was expecting a good shopping season. Out of control inflation, rising interest rates, sky-rocketing rental costs. Who did they THINK was going to be spending up big?
Yes labors cost of living crisis is crippling the country. Albo is a lying hypocrite, absolute disaster of a PM, the only thing he is good at is burning fossil fuel flying all over the place, photo ups and playing on twitter. Albo is our version of Biden.
It’s the reality for the foreseeable future. Anyone suggesting otherwise, explain please.
I work in retail and we were expecting, and had, a shocking Christmas. 🤷🏻♀️🤷🏻♀️
Isn't that what's meant to happen? The reserve bank increases interest rates so people spend less. What a pointless article.
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