Has the consumer finally ran out of money, or more precisely credit?
The Age reports :
MYER has admitted surprise at how quickly consumer sentiment has turned in March. Chairman Bill Wavish says comparable-store sales at the department store chain have actually gone backwards in the month as interest rate rises have taken their toll on shoppers.
Meanwhile the Sydney Morning Herald reports :
Something happened to Australian retail consumers three weeks ago. In a week where the Reserve Bank moved interest rates up and the sharemarket fell in a hole, shoppers decided it was time to close the purse and batten down the hatches.
» Retail sector feeling the pinch – The Sydney Morning Herald, 28th March 2008.
» Myer sane but mad as March sales go into reverse – The Age, 28th March 2008.