I heard on the radio just today (December 23rd) that Aussie shoppers will spend $1.5million a minute for the next 2 days until Christmas.
I’ve worked 5 Christmases in retail.
It’s character building that’s for sure.
“What does Christmas mean for our Economy, PIK?”
Asked Sammy, 23.
Christmas gives a huge boost to our economy because people are spending large amounts in high volume in a short period.
What? Because they are buying material and/or food items to celebrate Christmas.
When? For one day of the year.
How? With money or credit (cards) from Banks.
Why? Because Christmas is considered to be an extravagant event which requires an special array of food and exchanging of arterial goods. You need money to be able to celebrate Christmas.
It is a short burst of business/industry confidence — demand exceeds supply
Spending and overspending (credit cards and banks)
2.5% interest rate