We recently saw a rather depressing take on Xmas sales this year in the Westpac Red Book. We’ve also seen the Deloitte Chep Index predict lousy Xmas volumes. Now, from Banking Day:
Yesterday Commonwealth Bank released results of a survey showing that consumers expect to spend less this year than last.
CBA has estimated that average Christmas spending per head on gifts, holidays, entertainment, extra food and drink and Boxing Day sales (covering the period from December 1 to January 6 next year) would be A$1079 per head, compared with $1116 per head in 2013.
This adds up to an estimated total Christmas spend of $17.8 billion, compared with $18.4 billion last year.
ME Bank also released the results of a Christmas spending survey yesterday, coming to much the same conclusion.
ME Bank chief marketing officer Rebecca James said there was an elevated level of “financial discomfort” because of low growth in household incomes, the impact of Australian Government Budget measures on family benefits and concerns about savings levels.
Where’s that “wealth effect” we’ve been hearing so much about?
