Furniture is getting really expensive. That doesn’t bode well for the Australian economy
by Jonathan Barrett from World news | The Guardian on (#6PVF1)
Annual results underline fears cost-of-living pressures will limit spending - including on side tables and lamps - so much that the economy will shift into reverse
- Follow our Australia news live blog for latest updates
- Get our morning and afternoon news emails, free app or daily news podcast
What do sales of six-seat modular sofas and matching buffet tables tell us about the financial health of households and the broader economy? Quite a lot, it turns out. And, according to market professionals, it does not look good.
Annual profit at Sydney-headquartered furniture retailer Nick Scali fell almost 20%, according to results released on Friday. Crucially, sales order growth for the past two months has turned negative, down 1.2% from the prior year.
Continue reading...