Business Services Industry
In the grip of affluenza.
Australasian Business Intelligence, April, 2003
Apr 20, 2003 (The Age - ABIX via COMTEX)
Coming consumer spending trends in Australia may not be accurately reflected by past statistics. Though Reserve Bank of Australia figures indicated a modest 0.3 rise in retail spending for February 2003, Westpac Banking economist Andrew Hanlan believes this spending is set to increase substantially, especially if lower petrol prices occur. The CEO of research firm Infochoice, Lisa Montgomery, believes consumers will spend large amounts on some items to distract themselves from the sluggish economic conditions. These tendencies are fuelled by the current low-interest rate regime, which has led to excessive use of credit cards and use of home equity for borrowing.
Publication Date: 21 April 2003
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