Are Australians still keen to shop? Data says yes, economists say no.
and grown wary of discretionary retail as cost-of-living pressures force shoppers to tighten their belts. Investors are also expecting retailers’ margins to be squeezed as input costs go up, especially for businesses that fail to exercise pricing power – their ability to increase prices in line with costs, to protect profits.The Australian Retailers Association, which also uses Westpac data, has said pre-Christmas trading was $74.5 billion this year – a record, and 8.6 per cent higher than 2021.
However, he expected it would come out higher. This would be followed by a slowdown in spending at some point in 2023, he said.Barbeques Galore chief executive Angus McDonald said summer was outperforming the same period 12 months ago, driven by a combination of price increases and higher volumes thanks to new product launches.
“We’ve seen amazing sales over the Christmas period. We had originally forecast that the period would be soft due to interest rate rises and uncertainty. This has not been the case,” Mr Kahi said.
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