Retail Voice CEO Message: 1 May 2024

Yesterday, the Australian Bureau of Statistics released retail trade data for March, with a modest increase of just 0.8% compared to the same month last year, despite being bolstered by an early Easter.

The subdued result shows Australians are still cutting back on spending as the lag effect of interest rates continues to take hold. The discretionary categories of household goods, clothing, footwear and accessories and department stores all recorded declines. .

On a related note, economists are now tipping interest rate cuts to come later than hoped – in 2025. If this is the case, it will see the slowdown in discretionary spending continue longer than first anticipated.

More than 6 million Australians are paying mortgages, and this remains the biggest financial stressor for these households. The Reserve Bank is due to hand down its next monetary decision on Tuesday, and the retail community will be watching with interest.

In events news, the ARA CEO Lunch 2024 is just around the corner – on May 23 at the Meers Hall, Art Gallery of NSW. A handful of tickets remain – please  at this agenda-setting event.

As always, our membership team is here to help if you need any assistance, so don’t hesitate to reach out via email or on 1300 368 041.
SHARE THIS ARTICLE

FURTHER READING

MST Marquee – The impact of migration on retail

Retail businesses setting budgets and forecasting are understandably finding it difficult to navigate the uncertain economic conditions. Our research can help educate retailers about industry profitability benchmarks, wage growth and inventory levels, so that businesses can better prepare for the future.

Now more than ever

If business, and retail especially, must reflect the zeitgeist in order to remain relevant, then in this unique inflection point in history, the rights of Indigenous people must be incorporated

Retail Voice CEO Message: 8 May 2024

Achieving a unified voice for retail has been a compelling focus for our industry for many years. It is in the spirit of this endeavour that we are delighted to

Retail Voice CEO Message: 24 April 2024

Tomorrow, we commemorate ANZAC Day, a National Day of Remembrance in Australia and New Zealand that acknowledges those who served and died in all wars, conflicts and peacemaking operations. Lest