Australia's retail sector has received an early Christmas present this year with the latest data on financial wealth as well as spending set to deliver confidence to consumers.
Household wealth hit a new record high, having increased by $225.3 billion over the September quarter (the biggest quarterly rise in 4 years) to stand at $7,318.6 billion whilst the per capita wealth also rose to a record $315,117. This result should boost consumer confidence and could see more being spent this Christmas season.
In addition, the latest Business Sales Indicator by Commonwealth Bank (ASX: CBA) also revealed that spending by consumers, business and government rose by 0.5% in November, marking the 15th consecutive month of growth with annual spending growth returning to pre-global financial crisis levels.
The news is good for retailers such as JB Hi-Fi (ASX: JBH), Harvey Norman (ASX: HVN), Myer (ASX: MYR) and David Jones (ASX: DJS), which could all benefit from higher confidence levels this Christmas.
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