I helped out a mate today for a job, which involved us entering 5 different shopping centers. Sometimes its good to to view the economy on a practical level, rather than merely following reports. Here were some observations I had;
- Each shopping center was extremely busy
- The cafes were filled with people (we couldn't eat at the cafe of our choice as there were no tables).
- I ducked in to buy something from myer and was greeted with a line so long to pay that I didn't bother.
Combine this with 77% clearance rate today in Victoria, and the conclusion must be reached that people are still spending.
I know the bears out there are going to respond to this with the worst is yet to come etc. We have been in a bear market for over a year, it should be worse that this.