June 20, 2019 | Australia | No Comments
With the election over and certainty on the political front, retail sales are unfortunately not receiving the confidence boost that business had hoped.
Australian consumers are experiencing extended low rise in wages which is affecting their confidence to spend especially with the rising cost of living. Utility bills are constantly rising and putting pressure on household costs.
Official figures have shown that retail turnover has fallen 0.1 percent over the month. This is a fall on the 0.3 percent increase that was recorded for March.
When there is a downtown in consumer confidence, this spells disaster for retail outlets as they are the first to be affected by lower spending. Household goods sales recorded a fall of 0.9 percent. Sales of clothing retail which includes footwear and other accessories was down 1.2 percent. For savings on retail stores such as Kivari, use a Kivari coupon.
The other area of retail that is affected is food outlets with people choosing to eat at home and save money rather than going out to eat.
One positive aspect of the economy is export which has helped Australia achieve it’s lowest account deficit since 1996. Exports were up $4.2 billion and imports were down $514 million. There was a strong performance in the price of minerals and gold.