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Retail Sales Slower Than Expected in September
The National Retail Association (NRA) have announced that retail sales in the month of September have not risen as expected.
This is due to income taxes and RBA dropping interest rates; the turnover for retail in September grew by 0.2 per cent.
This is not a disaster, the NRA ensures. However, sales were expected to rise and hit a higher mark for the month. “Measures such as tax cuts and reductions to interest rates have already been implemented, but clearly we’re still yet to see retail sales rebound like we would have hoped,” explained Dominique Lamb, the CEO of the NRA.
“Options that should be explored to stimulate sales include fast-tracking tax cuts due to come into effect in the coming years, government spending and even a further cut by the RBA to the cash rate.”
“In the meantime, the NRA certainly urges consumers to not shy away from spending any spare change they have at the shops. In particular, it’s important to back local small businesses who really find it challenging when economic growth stalls.”
During the rush towards the Christmas period, the NRA encourages retailers to act fast and take part in sales events like Click Frenzy and Black Friday. This also encourages shoppers to make the most of the Christmas period and amp up further sales.
“Moving forward we have several big sales events such as Cyber Monday and Black Friday coming up this month, and of course we’re about to enter the busy Christmas trade period,” Ms Lamb said.
“Shoppers should keep an eye out for bargain sales as retailers try to entice customers to open their wallets. Christmas is an important time of the year for retail and many smaller operators rely on strong sales in the festive season to sustain their business throughout quieter parts of the year. A poor Christmas period for retail will have a knock-on effect to other parts of the economy, so we encourage shoppers to indulge in some retail therapy between now and the end of the year.”
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