We have
been using “retail recession” terminology for some time on Victraders.com
although the technical requirements have not yet been met in Australia.
Recession requires 3 months of negative performance and we have had 3 months
out of 4 but not 3 consecutive months.
Gerry Harvey
of Harvey Norman says recessionary talk is “fake news”. He says that the 0.1%
fall in March hardly qualifies as recessionary and many retailers are in fact
doing well. Harvey said "For everyone to talk about being on the verge of
recession, it's such a stupid thing to say."
Harvey
Norman’s impressive glossy catalogue in this week’s Herald Sun was pushing
$5,000 television sets so they are certainly talking up retail at the moment.
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