Big sales fail to attract careful shoppers

Mid-year sales initiatives have failed to attract Aussie shoppers wary of exceeding their spending limits, new figures show.

According to retail figures in the latest Commonwealth Bank Business Sales Indicator, sales for the month of May remained flat despite many retailers bringing forward their mid-year sales in an attempt to inspire shoppers and clear excess stock, the Daily Telegraph reported.

The results show that annual growth in spending has slowed to 3.4 per cent, the slowest growth pace in 11 months.

As the newspaper observed, the BSI figures provide a snapshot of spending volumes by tracking the value of credit and debit card transactions processed through the Commonwealth Bank’s point-of-sale terminals.

The data suggests more Aussies may be looking to compare debit cards in search of safer spending options – it certainly shows that consumers are holding back on extravagant shopping splurges as the interest rate climate remains unpredictable.

Last week, research by the Melbourne Institute showed that credit card debt is now more common among Australian households than home loan debt.

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