We are already a nation of shopaholics, but can it last?
Experts and analysts have been left to reconcile the recent retail excitement with the storm that many, including state treasurers, are predicting. Consumer price index figures this week showed new housing and fuel contributed the most to the inflation environment, but prices for goods also rose faster than services, up 2.6 percent for the quarter. The CPI figures may be lower than expected, but they still clearly outline the cost of living pressure Australians are feeling. Categories that have benefited the most from the COVID lockdown, such as furniture and home appliances, saw the biggest price spikes. Retail analyst Jarden Ben Gilbert said spending the past few months had been driven by happier economic conditions. “The last quarter of trading was very strong. That’s because of pent-up demand, the strength of the housing market and significant price increases [for products]. You get all that done, and the expenses stay pretty tough,” he said. Load That trend won’t last forever. “