Women put down their credit cards

Thursday 02 April 2009

Article by Mozo

New figures have revealed that women have shown themselves to be particularly keen on cutting out debt during the downturn and have been resisting the urge to go on a shopping spree.

While overall sales figures fell two per cent in February, women’s retailers such as Cue and Veronika Maine had a particularly quiet month, with sales dropping four per cent.

Founder Rod Levis said that many people had been shocked by unemployment figures and were putting down their credit cards and stockpiling cash in their savings accounts instead.

However, he told the Australian that February is always a little quiet for women’s retailers.

"February is also a trans-seasonal month. The weather is still hot and there is no need for women shoppers to update their wardrobe for winter. So many tend to hold back and not spend" he explained.

Despite an overall drop in sales volumes, the official figures released earlier this week showed that in the first two months of the year, Australian consumers spent more than in any other two month period since records began.

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