Local businesses are doing it tough and many are worried about what the new year will bring according to the Bundaberg and District Chamber of Commerce.
As a result, they are calling on the community to help local businesses by shopping locally this Christmas.
October retail sales edged up 0.4% on a seasonally adjusted basis in Queensland, while growth in annual sales continued its slowdown to 3.7% accordingly to the latest Australian Bureau of Statistics (ABS) data
The sluggish retail activity highlights the challenging business conditions being experienced by Bundaberg’s small business community.
CCIQ Chief Economist, Dr Marcus Smith, confirmed that the weakened sales growth is an ominous sign for retailers heading into Christmas at what should be a time where there is an elevation of activity for Queensland shopkeepers.
“While Queensland narrowly avoided falling sales for the month of October, as Victoria and New South Wales experienced, the slowdown in turnover growth puts additional stress on already thin margins as costs for the small business community continue to escalate.
“There is no doubt that consumers are spending less and becoming more thrifty - as was reflected in the recent national accounts data showing the nation’s saving ratio rose sharply over the September quarter.”
Bundaberg and District Chamber of Commerce President Tim Sayre said, “we would love to see everybody supporting those businesses who call Bundaberg home. It doesn't matter if it's a simple gift card for somebody you love or a new lounge suite for the family. It might be the Christmas ham for lunch from your local butcher, or maybe it's some of our local seafood, whatever you're looking to buy this Christmas, make it local, and help put smiles on a local small business owner today.”
So please, help deliver a Christmas miracle this year and shop locally. Merry Christmas everybody.