Aussies are spending more on services

Monday 21 May 2012

Article by Mozo

Retailers are finding it increasingly tough to make profits in Australia, as people appear to have adjusted their spending habits.

According to the new Commonwealth Business Sales Index, storeowners had a tough time of things in April 2012.

The report suggested that spending levels fell by a seasonally adjusted 1.3 per cent during the month and it was also found that people are shelling out more money on services than they are on actual products at the moment.

Results were generated after a survey on credit and debit card expenditure was completed.

CommSec's chief economist Craig James believes that after so many years of big spending, Aussies have reached a stage where they have everything they need and are no longer on the lookout for so many material goods.

"People have their TVs, computers and phones and they are saying what next? As a result, people are spending more on travel, going to concerts and getting in-home help," Mr James commented.

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Aussies are spending more on services

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