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Highlights
- Retail spending in the ongoing sales season is expected to increase from pre- pandemic levels.
- Omicron cases and COVID-19 transmission has not impacted consumer spending in Australia.
Omicron outbreak has not affected the Australian retail spending. Australian shoppers are spending almost the same amount as previous year’s pre-Christmas week. Even after shop floors remaining silent due to COVID-19 virus spreads, there are strong signals of a comeback with the end of year shopping season.
The Australian Retailers Association believes the retail spending will exceed from its previous forecasts of AU$59 billion in pre-Christmas spending taking it up 11.3% from pre-pandemic levels.
Post-Christmas, the retailers’ association believes clothing, footwear and accessory sales to be 16.5% higher than pre-pandemic levels.
With the borders reopening, Travel spending has been on the rise, despite increase in COVID-19 cases. This has Furthermore, augmented the retail fuel demand.
With restrictions easing, dining and takeaway spending is also expected to tend higher in Australia.
With the onset of holidays, spending on sporting equipment, jewelry and beauty products and other consumer goods may also increase.
Also Read: Is the sun shining again on the battered Australian travel sector?
Bottom line
It seems like Omicron jitters have not made shoppers shun from brick-and-mortar stores. However, despite upbeat trading settings, there are still two issues retailers are dealing with i.e., supply chain disruptions and staff shortages which are restraining trade from reaching its full potential.
Also Read: World Inequality Report 2022
