As shoppers curbed their Christmas spending, accounting firm KPMG has lowered its forecast for the retail sector’s recovery.
The retail sector is not expected to return to healthy levels until the middle of next year as consumers remain reluctant to part with their dollars in the face of stubborn inflation and high interest rates., retail turnover for the December quarter grew at half the rate recorded during the same period last year, which has prompted KPMG to lower its forecasts for recovery in the sector, which it says has been in a “retail recession” for 12 months.
KPMG’s previous retail health index report from September predicted a “modest acceleration in trading conditions”. But an incremental lift of 0.17 index points for the December quarter suggests “the overall health of the retail sector remains poor” and that “a balanced outcome by the end of 2024 may be at risk”, according to the December report.
ech retailers such as JB Hi-Fi and Harvey Norman are cutting prices to close sales with bargain-hungry shoppers.
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