Cash registers sang to the tune of $36.5 billion in the six weeks leading up to Christmas last year, exceeding retailers’ expectations. The amount was up 7.5 percent on the same period in 2006. Shoppers spent most of their money on food, entertainment products and household items.
"It seems to me that not only the petrol prices, the interest rate increases but also the federal election have not affected demand at this stage," says Richard Evans, executive director of the Australian Retailers Association (ARA). He suggests the spree will continue until February, when interest rates are expected to rise.
The ARA warned consumers to be cautious about using credit to avoid difficulty in February. Bills for Christmas spending will arrive soon and statements for post-Christmas spending are due next month.
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