Aussies 'may not be dipping into savings accounts for Christmas'

Mozo

Monday 16 November 2009

Aussies are planning to refrain from dipping into their savings accounts as the festive season approaches, it has been found.

In additional comments to the Westpac-Melbourne Institute Consumer Confidence Index published last week, officials have noted a lack of Christmas cheer on the part of shoppers.

Around 35 per cent of households questioned in the study said they plan on spending less compared to last year.

Commenting on the results, Westpac senior economist Matthew Hassan said: "Christmas spending intentions are at odds with buoyant levels of consumer sentiment."

He highlighted the dip from the fiscal boost to spending this time last year as a possible cause. However, he said this restraint may wane as the run-up to the festivities draws closer.

The November edition of the Westpac-Melbourne Institute report found that consumer confidence declined by 2.5 per cent compared to the previous month.

Westpac chief economist Bill Evans said this may be a result of the recent interest rate rises.

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