Australian fintech Airwallex’s first digital economy index shows that turnover at Australian online retailers has fallen by $124 million over the past 12 months.
There are signs from the digital economy that high interest rates and inflation are starting to dent consumer spending.
Given both the population and the price of retail products increased since September 2021, the fact that the total value of sales has not grown implies households are buying fewer things. Airwallex estimates that some of the lost e-commerce spending has been redirected into online holiday bookings and education courses, as the sectors benefited from the reopening of Australia’s international borders.
That represents a sharp slowdown on the December quarter, when card spending grew by 2.9 per cent, and the September quarter, when there was a 2 per cent gain.
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