In a recent report from the *Australian Daily*, it's clear that traditional holiday favorites like clothing, perfume, jewelry, and toys are still popular before Christmas. However, retailers are now taking an aggressive approach by offering early discounts to boost sales. With three weeks until Christmas, most Australian stores are already running promotions, with some fashion and men’s clothing shops providing discounts of up to 30% in advance. Margy Osmond, from the National Retailers Association of Australia, noted that this trend marks a new shift in the retail sector. “We’ve never seen such early Christmas promotions before,” she said. “It’s a response to changing consumer behavior and economic pressures.” With rising interest rates and a more cautious public, discounts have become a key strategy for retailers. Since last October, the central bank has raised rates seven times, causing anxiety among homeowners and making Australians more financially conservative. Even young people, who typically don’t worry about money, are now being more careful with their spending. At Target on Bourke Street, customers can find toys and video games at over half price, along with a chance to win AUD$20,000. The checkout lines are often packed, with at least 10 people waiting at any given time. BevillesJewellers reported that despite heavy rain and bad weather, their promotions are keeping shoppers coming in. “We haven’t felt the retail slowdown at all,” one employee shared. “We’ve been busy all day and barely had time to take a break.” Retail analysts believe that in this era of frugality, deep discounts are the way to go. At BeautyWarehouse, where cosmetics are discounted by up to 85%, shelves are cleared quickly. Russell Zimmerman, executive director of the Australian Retailers Association, predicts that total Christmas retail sales—including food—will rise by 3.5% year-on-year to reach $39.9 billion. However, there’s a contrasting trend in the data. Retail sales in October fell by 1.1%, the biggest drop in 15 months, just before the Reserve Bank raised interest rates in November. This decline included a 4.8% drop in food and beverage sales, and a 4.6% drop in clothing and footwear. Economists believe this slowdown gives more evidence that the central bank may keep rates unchanged for a while. Savanth Sebastian from Commsec said, “The full impact of the rate hikes hasn’t shown up in the data yet, which means the retail sector could face several months of slow growth.” On the other hand, Michael Blythe from the Federal Bank remains optimistic. He pointed out that household income increased by 2.3% in the third quarter, and by 6.4% compared to the same period last year. With a strong labor market, he believes the retail sector could see a quick recovery.

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