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Retailers relying on rate cut to save the silly season

Peak industry body the Australian Retailers Association (ARA) today called for a reduction in interest rates for December after survey results showed smaller retailers especially were counting on the extra money in consumers’ pockets to save Christmas.

ARA Executive Director Russell Zimmerman said the rate cut would be timely relief for consumers and retailers as most shoppers start thinking about their Christmas shopping in early December.
“32 percent** of consumers are looking to start their Christmas shopping during these first two weeks of December, and a rate cut would give retailers some reassurance that Australian households will fully embrace the silly season.

“In addition, 65 percent* of retailers either agree or strongly agree that a December rate cut would boost sales both before and after Christmas.

“We are calling on the RBA to listen to those who are at the coal face of the retail industry and don’t need to feel the effects of consumers under mortgage stress during the most important trading period of the year,” Zimmerman said.

For over 100 years, the Australian Retailers Association (ARA) has been the peak industry body in Australia’s $240 billion retail sector which employs over 1.2 million people. As an incorporated employer body under the Fair Work (Registered Organisations) Act 2009 and with a range of member services including policy development, advocacy and education, the ARA promotes and protects over 5000 independent and national retailers throughout Australia. Visit www.retail.org.au or call 1300 368 041.

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For interview opportunities with ARA Executive Director Russell Zimmerman
contact: Andie McMaster, Media & Communication Officer T: 0408 613 178 E: media@retail.org.au
*ARA Retailer Christmas Expectations Survey (4 – 22 November 2011)
** ARA Christmas Consumer Survey 2011

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