Retailers are in for a slow Christmas this year, with retail sales growth expected to be “modest” as rising borrowing costs and slower wages growth erodes spending, according to Access Economics.
The economic forecaster released a report this morning, revealing Christmas sales would be reasonable, but well short of boom conditions, despite strong consumer confidence.
Access director David Rumbens said retail spending will be bleak leading into 2010 and won’t pick up for some time.
“Retail sales growth may be very modest through 2010 as the Australian economy engages on a patchy recovery, before kicking up a gear in 2011 as the economic recovery gathers momentum,” he said.
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