Retail Prays New Financial Year Brings Better Outcomes Than 2013

Getty/ Dan Kitwood

From sales and discounts to revamps and new international labels, the retail sector is slowly clawing its way back to revival.

According to the latest Commonwealth Bank business sales indicator, economy-wide spending grew by 1% in trend terms in May, after a 1.2 per cent lift in April and a 1.1 per cent gain in March, reported The Age .

The chief economist at CommSec, Craig James, puts the improvements down to the sector keeping prices low to attract customers and prevent them turning to overseas websites.

“The economy is improving off a low base. However, the recovery is still fragile, James said.

An ongoing improvement in confidence is necessary to support activity levels, and the perception of lower interest rates will certainly support sentiment.”

The Age reported on the Australia retail marketview from CBRE for the Q1 of 2013 which revealed a more stable economic outlook helped to boost consumer spending levels, driving modest growth in the retail market as a result.

Here is the full report.

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