Retail in Asia

In Markets

Big spenders push Christmas retail in Australia to 10-year high

Turnbull effect – Australia’s Prime Minister Malcolm Turnbull’s boost to business confidence – low interest rates and steady employment have emboldened Australian shoppers to spend up big this Christmas.

Australians are now expected to blow close to AUD47 billion (USD33.99b) this year as the positive psychology – also driven by rising home prices – outweighs any concerns over sluggish wage growth and the disappointing performance of the stock market.

New generation curved-screen televisions are one of the top-selling Christmas gifts at Harvey Norman with a price tag of AUD2000 to AUD10,000 along with the hipster of vacuum cleaners, the Dyson handstick and even a 16kg washing machine. The toys are charting well too, including the futuristic-looking transporter, the Revo Glider and drones are in high demand again this Christmas, priced at up to AUD2000.