The owner of the Japanese denim seller Urahara is no stranger to the challenges of operating an independent retailer, having weathered Victoria’s pandemic lockdowns over the past two years. Having carved out a niche selling ethically sourced, built-to-last clothing from his store in the Melbourne suburb of Collingwood, Kirby is now thinking about how to position his brand to shoppers rethinking their spending habits.
“We might have to try to ramp up the education in a way,” he said. “The cost-per-wear makes them really cheap if you’re going to wear them for the rest of your life.” Australia’s biggest bank, Commonwealth Bank, issued some stark reminders last week about the challenges still to come, when chief executive Matt ComynMeanwhile, Data on spending intentions in the lead-up to Father’s Day is also hinting at shoppers being more circumspect. A survey of more than 2,000 consumers by the Australian Retailers’ Association and Roy Morgan shows that among those buying gifts for family, 42 per cent said cost of living challenges would impact how much they spent.
Investors and analysts will get a better view of the overall spending outlook over the next two weeks as the country’s largest retailers start to report their 2022 financial results. Companies like Walmart have warned inflation is forcing shoppers to spend more on household necessities and less on discretionary products - a trend which could also play out in Australia in the coming months.The Washington Post
Meanwhile, more than half of those surveyed by the Australian Retailers’ Association this month said they want to buy Father’s Day gifts that are environmentally friendly.
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