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Deloitte Access Economics is upbeat about the outlook for Australian retailers, forecasting that consumer spending will remain strong as the domestic economy continues to rebound and COVID-19 restrictions ease.
The firm’s quarterly Retail Forecast report notes that lockdowns and travel restrictions have boosted retailers’ sales, which should result in a “bumper year” for the sector in 2020-21. However, sales should revert to normal as the economy opens up:
The Deloitte retail report argues retail spending has surged through most of 2020-21, benefiting from “captured consumers” locked in homes, unable to travel and who had little else to spend on through the pandemic…
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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