Australians Buying Again

Good news for merchants, restaurant owners, and retailers!

The latest study from Deloitte Access Economics showed that Australians are opening their wallets and spending their money at cafes, shopping stores, and restaurants. The research firm, however, said that Aussies are spending with a frown.

The research showed that national retails sales increased about 2.8 percent in half of 2012. Although the number is small, the number is higher than the annual growth rate.

According to David Rumbens, more retailers are able to meet their sales quota this year. Although it appears inconspicuous, the trend is that Aussies are spending more compared to the last few years.

Rumbens added that even though they are shopping again, don’t expect most of them be all smiles. He added that many are still not happy about spending and they remain pessimistic about their financial standing.

The Deloitte partner also said that consumers are still feeling insecure over the jobs and are worried over the challenges facing the Australian economy. Consumers are also wary on buying big-ticket items like furniture. They are most likely to spend on basic necessities like food and clothing.

According to Rumbens, retailers are the biggest gainers. In the first half of 2012, sales of department stores increased 5.5 percent while clothing retailers are up 6.1 percent.

Consumers also appear to be saving more. The national savings rate is now at 10 percent but it appears this has peaked. Rumbens said the rate is no longer increasing.