Aussies are closing their wallets, study shows

Monday 28 May 2012

Article by Mozo

New figures released by National Australia Bank (NAB) have shown that Aussies are tightening their grip on their wallets.

Spending on household goods and electronics shrank by five per cent in April, following nine per cent growth in March.

The study also suggested that online retailers were hit particularly badly throughout the month.

Internet purchases slowed to 15.5 per cent in April, compared to 19 per cent just four weeks earlier.

Financial experts at NAB believe the ongoing problems in the eurozone are causing Aussies to use their credit cards less frequently. There are genuine fears that the crisis being experienced in Greece and Spain could yet spread beyond Europe.

The organisation also stated that a lot of people have shied away from buying gadgets such as smartphones because they are waiting for Apple to bring out its latest models.

This is expected to happen later in the year, which could result in a sudden upturn in online spending down under.

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Aussies are closing their wallets, study shows

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