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Retailers receive early Christmas present

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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Motley Fool contributor Ryan Newman does not own shares in any of the companies mentioned.

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