Rates won’t stop Christmas spending
The Reserve Bank’s decision to lift rates in November will have little impact on consumers' Christmas spending, a new poll has found.
According to the latest research by PRDnationwide, more than half of all home owners are prepared to spend the same or more on Christmas this year.
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PRDnationwide managing director Jim Midgley said the majority of property owners are still better off than in August 2008 when the standard variable interest rate was 7.8 per cent – leaving slightly more to spend on presents and Christmas dinner.
Mr Midgley said the general mood leading into the Christmas sales season was surprisingly upbeat.
“People surveyed obviously want to enjoy the holiday season,” he said.
The survey results showed the recent rate movements by the RBA and lenders hadn’t caused significant change in spending attitudes.
“Despite the recent increase to interest rates, consumer sentiment levels are still higher than mid-2010 when the rates previously went up,” he said
