The Christmas Consumer Orgy continues apace – just don’t tell the Dick Smith guys. But hot from the Australian Retailer’s Association is the news that retailers most likely took in nearly $17 billion during the post-Christmas sale period. The majority of sales comes from the bubble states with Victoria going nuts at near 6% growth year on year, and NSW nearly 4%:
By category it gets even more interesting with household goods gaining traction – good news for big box retailers – and department stores as well:
So at least one IPO stinker – Myers – should do well this Christmas. I know I did, I got a dishwasher for Christmas (better than socks).
This will translate into “good signs the economy is improving”, “increased consumer confidence”, “what mortgage stress?” of course. Double digit growth in property prices is the core reason behind this splurge.