Australians have endured two years in which retail therapy was a rare bright spot. Now there’s a chorus saying it must stop eventually. | MsEmmaK
It’s been a week of whiplash for Australian shoppers. On Thursday, Treasurer Jim Chalmers was telling the nation to brace for “heavy weather” on the economic horizon with inflation tipped to exceed 7 per cent by year’s end.
Consumers wallets were open, and they had been willing to keep spending online and in bricks-and-mortar stores, right until the last month of the financial year. Categories that benefited hugely from COVID lockdowns, such as furnishings and household equipment, are having some of the biggest price jumps.
“We think it could be quite a good period for retail given share prices have significantly corrected and are predicting a very negative outcome, so you have to put that into context,” he said. Some consumers have kept up the habit of shopping via online or on social media after doing so for the first time during the pandemic.Throughout this time, strong retail figures kept filtering through. Australian Bureau of Statistics figures showed spending hit record highs in May at $34.2 billion - a figure which stayed steady for June.
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