Even amidst all the gloom eternal optimists will find a reason to be hopeful. A friend last week took possession of her new home – an exciting time for sure. Despite the gloom she used the occasion to buy new bedding – sheets, bed, pillows, and doonas – the lot. Brimming with self satisfaction, she described her experience. “The bill came to over $3,000 so the salesperson gave me a15 per cent discount. That’s when I started haggling. I finally got her down to $1,900! It’s a great time to buy, isn’t it?”
If you believe everything you read, there is definitely some pain out there amongst retailers. Businesses are struggling and SALE signs are popping up everywhere. Discounting is rife and bargains are there for the strident shopper.
And if the Reserve Bank is correct in its latest interest rate moves, it's virtually certain that inflation will be coming down over the next six to 12 months. It also means that business owners, including retailers have less pricing power as demand for their products wanes. Declining inflation can be good for the economy, and consumers, in the long run.
From a shopper’s perspective all this sounds pretty good so far (my friend said the store manager seemed happy enough – he did after all shift stock out the door).
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Analaura Luna is an author, wealth adviser and founder of Your Family Your Money. Your Family Your Money’s goal is to simplify traditionally complex financial strategies, demystify financial jargon and debunk common financial myths, becoming every family’s first stop for financial advice, information and inspiration.
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