Retailers benefiting as economy rebounds

retailers benefiting as economy rebounds

Sumary of Retailers benefiting as economy rebounds:

  • In a clear sign the economic recovery from the COVID-19 lockdowns is underway, economists expect retailers enjoyed another buoyant sales month during October as the restrictions eased.
  • The rebound in the month of September came too late to prevent sales over the September quarter slumping by a record 4.4 per cent as a result of lockdowns in NSW, Victoria and the ACT.
  • Looking ahead, this weekend’s Black Friday-Cyber Monday discount sales are expected to generate huge interest, with one retail bank predicting almost a million dollars a minute will be spent.
  • “With the rapid expansion of online sales over the past two years of lockdowns, Black Friday has become the ‘New Christmas’,” KPMG’s James Stewart says.
  • Even so, four out of five businesses expect their performances to hit pre-COVID levels over the next 12 month.

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