Retail sales poor as Aussies keep debit cards in wallets

Thursday 09 June 2011

Article by Mozo

As Aussies become more frugal when spending using their credit and debit cards, retailers are suffering from poor sales figures.

Poor retail sales forecast for 2011

These are the findings of a Deloitte Access Economics report released yesterday (June 8th), which indicated that national retail sales will only increase by 1.3 per cent this year, reports the Herald Sun.

The figures represented the slowest growth since 1991, suggesting that people are becoming increasingly careful with their cash.

However, the report indicated that the sector's performance is likely to improve in the future, stating: "Retail sales are unlikely to remain this weak and we expect sales growth to pick up to around three per cent by mid to late 2012."

Aussies hoping to get the best price on goods may want to compare debit cards online and then shop for goods using their plastic on the internet.

A recent study by the Australia Institute found that the mark-up on products is significantly lower on items from virtual stores than comparable ones in bricks and mortar establishments.

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