Some of Australia’s biggest retailers including hardware giant Bunnings have warned that trading conditions are deteriorating as rising interest rates, stubborn inflation and collapsing consumer confidence curbs spending on the high street.
Bunnings-owner Wesfarmers, JB Hi-Fi and Super Retail Group have all reported signs of slowing sales, with October emerging as a particularly difficult month as consumers rein in spending or delay purchases ahead of the Black Friday and Christmas discounting periods.
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