ANZ reveals what Aussies are spending their money on
Article by Mozo
Companies that sell food and travel-related services performed well in the three months to October 2012, a new study by ANZ has found.
The bank's latest Small Business Sales Trends report has shed a little more light on what Aussies have been using their credit and debit cards for.
Sales at restaurants, hotels and bars were up by six per cent during the three-month period when compared to the same quarter in 2011.
However, retailers reported a significant slump in the demand for homewares, clothing and appliances.
ANZ's general manager of small business Nick Reade said trading conditions have remained challenging for firms across Australia.
"Overall, growth in small business sales has remained quite soft and mixed across sectors and states," he remarked, before adding that he expects a "gradual pick-up" in trade in 2013.
Although a lot of households are feeling the pinch, research conducted by Commonwealth Bank suggested that Aussies will still spend $16.2 billion on presents, travel and services over the Christmas period.
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