Boxing Day sales a real worry, says business chair

Boxing Day sales a real worry, says business chair

“Spending at this time of year is a real barometer of consumer confidence. The fact that EFTPOS provider Paymark has reported the value and number of transactions well down this Boxing Day compared to last is a big worry,” says Cameron Brewer, chairman of Auckland Council’s Business Advisory Panel.

“It’s an absolute shocker and shows we’re by no means through the woods. Let’s not forget that last Christmas we were coming out of a recession and yet the figures are much poorer this year. What’s more, it’s even worse than it appears because higher inflation and GST should’ve pushed the total spend up However all the numbers have headed south.”

Mr Brewer, who was head of the Newmarket Business Association for five years before getting on council, says these would have to be worse year-to-year Boxing Day figures for a decade.

“This would have to be the first time in a long time Boxing Day sale numbers have gone backwards. Boxing Day sales have been such a growth phenomenon in recent years. Maybe just maybe their best years are behind us. We may have just avoided a double-dip recession this year, but nonetheless people’s hands are more tightly in their pockets,” says Cameron Brewer.

Ends

© Scoop Media