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Co-founder & CEO of AllenWargent property market & hedge fund advisory.
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4 x finance/investment author - 'Get a Financial Grip: a simple plan for financial freedom’ (2012) rated Top 10 finance books by Money Magazine & Dymocks.
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Monday, 7 January 2013
NAB reports online sales up 27%
This is something I talked about briefly on the Channel 7 Weekend Sunrise show here recently.
While the major retail stores insist that sales have been low and there had been suggestions that Aussies were shunning debt in favour of diligent saving, that just didn't 'feel' right at all.
Some articles suggested that we had moved into a new era of thrift, which I felt very strongly was wrong.
I suspected that weak retail sales have partly been caused by a move to online retail and partly because more of us have been buying goods from overseas while using the strong Aussie dollar to our benefit.
Instead I think the challenge will lie with the big department stores to move with the times and embrace online retail.
It will be very interesting to see if the stats really begin to back me up here, for this view is much based upon intuition.
Certainly it seems to be the case in some developed countries that folk are mistrusting of investment markets having been burned once, and are instead looking to reduce household debt.
However, I think it's a big call to suggest that we have moved into a new era of thrift.
My thoughts are quite the opposite - the widespread acceptability of running personal finances in the red through the use of plastic seems more likely to me over time to see credit card use increase over time to crisis levels.
It's human nature - it's what we do. Watch this space.