Boomer cohort fuelling growth in luxury spending but also cutting back spending on other areas
Creditor Watch is forecasting that nearly one in 10 cafes, coffee shops and restaurants will go out of business in the next 12 months due to cut back in spending as cost-of-living pressures continue to mount for some households.
Tough times for Restaurants and Food service
Restaurants are heading into Winter (typically the slow season) with the added challenge of reduced spending by dinners and rising costs
Inflation falls to 4.1% over the past year.
The latest figures released from the Reserve Bank of Australia showed a significant slowdown in Australia’s inflation rate over the last few months of the previous year, with consumer prices rising just 0.6% over the December quarter and 4.1% over the past year, marking the smallest quarterly rise since March 2021.
