Another Bad Santa stumbles drunkenly in

It’s been two on trot and now third and the worst approaches, via the AFR:

Real retail sales are going backwards as people who haven’t had a pay rise in years and feel they don’t need another dress, sofa or pair of shoes eschew the shops altogether.

…If the September retail sales figures were disappointing the October numbers could be much worse, judging by foot traffic in shopping centres.

Foot traffic rose 2.4 per cent year on year in the last week of September but fell 3 per cent year on year in the second week of October and was down 1.7 per cent in the third week and down 0.6 per cent in the fourth week, according to ShopperTrak, the sharpest declines since the post Christmas sales in January.

“In-store traffic has not increased and the gentle decline looks set to continue into Christmas,” said ShopperTrak ANZ general manager Adam Ioakim.

The BDO real time retail index is not showing much recovery either:

It’s a fair bet that it’ll be another Bad Santa living standards keep on falling.

David Llewellyn-Smith

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