Retailers are concerned the cost of living crisis is affecting the pre-Christmas retail rush.
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00:00It's no doubt cost of living pressures have been increasing and the festive season can
00:05be an especially difficult time for households already on tight budgets.
00:10Retailers across the country have been reporting a decline in consumer spending in the immediate
00:15lead up to Christmas compared to previous years.
00:18Of course, there'll still be many shoppers doing a mad dash in the coming days, but it
00:22appears as though many Australians were strategic this year by taking advantage of some of the
00:26sales earlier in the year.
00:28The Retailers Association estimates that a record $6.8 billion was spent during the Black
00:34Friday and Cyber Monday sales this year, which is an increase of 5.5% compared to the same
00:40time last year.
00:41Yesterday, the federal budget was updated, revealing an increase in government spending.
00:46The Treasury expects that recovery in household spending will now be much slower as a result
00:51of that, and an interest rate cut is now less likely to happen as soon as originally anticipated.
00:57I spoke to some shoppers in Rundle Mall about what their Christmas spending has looked like
01:01this year.
01:04Did you take advantage of things like Black Friday, Cyber Monday?
01:08Unfortunately, no.
01:09That's why I'm ill-prepared for the Christmas coming up, so no.
01:13So you've got one week to go.
01:15Is there going to be a bit of a mad dash out to the shops?
01:18Yes, yes.
01:19I think especially like the day or two before Christmas, I think that's where I'll smash
01:22it all out.
01:23But yeah, very, very ill-prepared, yeah.
01:27Those who missed out on the big sales last month shouldn't have to wait too long until
01:31the prices are slashed again.
01:33The business sector expects retailers to offer sales well into the new year to encourage
01:37more consumer spending.