‘Sales frenzy’: Australian retailers crank up discounts as consumer confidence falls
Shoppers reluctant to part with their hard-earned money in the face of flatlining wages and record debt, surveys show
Australian retailers have cranked up discount offers into “overdrive” ahead of the end of financial year sales as falling consumer confidence continues to dog the sector.
Two closely followed surveys published on Wednesday by leading banks both pointed to a growing reluctance among shoppers to part with their hard-earned money in the face of flatlining wage growth, falling house prices and record household debt accumulated in the boom years.