{"id":82984,"date":"2017-07-05T00:00:00","date_gmt":"2017-07-04T13:00:00","guid":{"rendered":"http:\/\/smartoffice.com.au\/consumers-will-spend-spend-spend-claims-access-economics\/"},"modified":"2017-07-05T00:00:00","modified_gmt":"2017-07-04T13:00:00","slug":"consumers-will-spend-spend-spend-claims-access-economics","status":"publish","type":"post","link":"https:\/\/staging.strixdevelopment.net\/smartoffice\/2017\/07\/05\/consumers-will-spend-spend-spend-claims-access-economics\/","title":{"rendered":"Consumers Will Spend Spend Spend Claims Access Economics"},"content":{"rendered":"

Despite warnings from GfK consumers are set to continue spending on CE products according to a retail report prepared by Access Economics and set to be released today.

According to the Melbourne Herald Sun <\/A>Access Economics Claim that consumers will shrug off interest rate rises and volatility in the share market and continue spending.<\/P>

“The fundamental supports are in place for a spender-bender 2007-08 the Melbourne Herald reports.<\/P>

Retail is travelling at its fastest pace since the east-coast housing surge faltered in early 2004,” the report says. <\/P>

“We see gains in retail turnover volumes peaking at 5.1 per cent in 2007-08 before moderating to 3.3 per cent in 2008-09 and bottoming at 1.4 per cent in 2009-10.” <\/P>

This comes after some of the country’s biggest retailers have shown strong profit growth during the recent reporting season. <\/P>

A surge in demand for plasma-screen televisions helped stand-out performer Harvey Norman lift profits 77 per cent to $407 million. <\/P>

The most recent Australian Bureau of Statistics data shows sales growing at almost double expectations to $19.4 billion. <\/P>

The ABS figures show that in the past four years, monthly consumer spending has risen almost 30 per cent from just over $15 billion to $19.4 billion. <\/P>

 <\/DIV>

Yesterday’s Westpac-Melbourne Institute survey also showed a 4.2 per cent rise in consumer sentiment this month. <\/P>

Westpac chief economist Bill Evans said the survey findings showed confidence was highest among the younger generation and ALP voters. <\/P>

“Steady interest rates, a modest fall in petrol prices and continuing good news on the labour market and the broader economy would have been the supporters of the index,” he said. <\/P>

“These factors have clearly offset any concerns emanating from global financial markets.” <\/P>

The Westpac survey showed that confidence among consumers aged 18 to 44 was up 7 per cent, while those over 45 were much less optimistic, up only 0.6 per cent. <\/P>

According to the Australian Institute of Petroleum, prices at the bowser have fallen 2.5 per cent since the end of July. <\/P>

But CommSec chief equities economist Craig James said the strong oil prices of recent weeks could threaten petrol prices, which are currently close to a five-month low. <\/P>

“We expect oil prices to remain high in the short term, but gradually ease over the latter months of the year in line with normal seasonal practice,” he said.<\/P>

 <\/P><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite warnings from GfK consumers are set to continue spending on CE products according to a retail report prepared by Access Economics and set to be released today.<\/p>\n","protected":false},"author":67,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[28,179],"tags":[],"class_list":["post-82984","post","type-post","status-publish","format-gallery","hentry","category-archive","category-retail","post_format-post-format-gallery"],"yoast_head":"\nConsumers Will Spend Spend Spend Claims Access Economics - Smart Office<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/staging.strixdevelopment.net\/smartoffice\/2017\/07\/05\/consumers-will-spend-spend-spend-claims-access-economics\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Consumers Will Spend Spend Spend Claims Access Economics - 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