As we head deeper into the year, we’re beginning to see the predicted softening of discretionary spending.
Australians spent $8.1 billion over the Easter week – up 4.5 per cent on last year – according to research by Westpac DataX, in conjunction with the ARA.
Food retailing was the major driver of Easter 2023’s sales growth, contributing a significant $3.6 billion – up 8.6 per cent from Easter 2022 – in part driven by inflationary price increases.
The next seasonal event on the horizon is Mother’s Day – stay tuned for some consumer research around that special event shortly.
Last week, the ARA released details of our partnership with Chief Executive Women (CEW) to offer a scholarship for an emerging woman leader in retail to study at the Harvard Business School in Boston, USA. This is the second year of this initiative, which shines an important spotlight on the need to make further strides towards gender equality across the sector.
Although 75% of discretionary spend is made by women, only 17% of our sector is led by female CEOs – this is something the ARA is determined to change.
If you’re interested in this fantastic opportunity – or know a colleague who might be – feel free to read more about it here.
Ahead of a referendum on establishing a First Nations Voice to Parliament later this year, reconciliation between Indigenous and non-Indigenous Australians continues to gather momentum and is the theme of our annual CEO Lunch on 18 May in Sydney.
Don’t miss this unique address from First Nations thought leader and business specialist and consultant, Jason Timor who will draw on industry case studies to explore how mutually-beneficial relationships can yield opportunities for all. If you don’t have your ticket yet, you can register here.
We’re well into season four of the Retail Therapy podcast.
The focus this season has been on tech and innovation – with a list of leaders giving their advice and insights in this space.
If you’re keen to have a listen, you can follow the latest releases here.
As always, our membership team is here to help if you need any assistance, so don’t hesitate to reach out via email or on 1300 368 041.
