Retail spending 'picked up in February'

Friday 01 April 2011

Article by Mozo

Retail spending rose by 0.5 per cent in February, according to recent data, which may suggest that Aussies are growing more confident in using their credit cards.

Retail spending 'up 0.5 per cent in February'

Figures published by the Australian Bureau of Statistics indicated that Aussies spent more than economists predicted – with many expectations based on the 0.3 per cent mark.

Commenting on the results, senior economist for ICAP Adam Carr told the AAP: "It's still not giving an accurate picture of retail spending. But even with its limitations, it's still showing a pick-up in 2011."

He added that the figures do not indicate a "cautious consumer" mentality among people in the country.

Helen Kevans of JP Morgan suggested that more retailers have been offering discounts amid expectations that the cash rate will remain the same.

Aussies considering going on a spending spree may want to compare credit cards online to ensure they pay the lowest amount of interest possible.

YourMortgage recently observed that some providers offer promotional balance transfer rates, which may be more competitive than those people have on their existing plastic.

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