Rising living costs set to be this year’s Christmas Grinch

Retailers will be working overtime for consumers’ dollars this Christmas season as cost-of-living pressures put a lid on spending, with shoppers tipped to cut back on hospitality, home goods and clothes purchases.

Department stores may be one bright spot, with the sector expected to post sales growth of 2.9 per cent during the all-important festive trading period. He expects shoppers to look for bargains this year as higher living costs make for a more frugal Christmas trading period than in 2022. Online retailers are also bracing for a spending crunch, with data from global financial platform Airwallex on Thursday suggesting Australian’s online spending had dropped by 5.1 per cent in the third quarter of this calendar year compared with last year.

That spending increase was driven by a surge in spending on transport, ABS head of business statistics Robert Ewing said, which rose 17.1 per cent over the year to August, higher than the 10.9 per cent increase in transport spending in the year to July.

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