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.