• In the News: Aussies still spending! (But wisely)

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Posted by Rose 20/1/09

Well, the articles and statistics on the financial crisis keep coming, but it seems we are not in such a state of panic as first thought…

Despite the economic gloom, Aussies are still keen to spend but are more discerning about purchases and avoiding credit cards, according to recent studies (as reported by Heather Jennings in AdNews, 16/1/09). A recent survey by the Australian Centre for Retail Studies found that 79% of Australians do not plan to make a major purchase, such as a car, in the next 12 months, but 52% plan to keep spending on major household items.

More than half of the people who responded to the survey felt optimistic about their financial situation, with 63% believing that their situation would stay the same or improve in the next 12 months.

It seems Australians, while cautious about debt, believe that the financial conditions in Australia look more hopeful than in the US – and the UK.

In the article, Ideaworks chief executive Alan Treadgold compares Australian retail spending favourably with the UK. He says the contrast between the two economies is striking; “It really is carnage on the high street over there.”

Are you optimistic about your financial situation in the current economic climate? Or have you reigned in your spending drastically in the past few months? Give us your opinion in the comments section.

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