- Pick & Scroll News
- Posts
- Servo spend is higher, and Dating apps are struggling with Gen Zs.
Servo spend is higher, and Dating apps are struggling with Gen Zs.
April's retail trade figures indicate continued consumer caution.
Pick & Scroll News
May 29, 2024
One Read, All Perspectives
Australian News
NSW is nearing a record high in business failures with 8,742 insolvency appointments up to April 30 this financial year compared to 6,200 last year. LINK
Sales of fresh food at petrol stations and convenience stores in Australia are rising, despite a decline in tobacco sales, with brands like 7-Eleven and BP recording a 12.6% increase in food and beverage purchases. LINK
Only 38% of Aussie employees are using the AI technology, placing Australia second-lowest in the Asia-Pacific region for AI penetration LINK
The NSW government announces the installation of over 650 additional EV charging ports across 16 local government areas within the next 12 months. LINK.
Dating apps like Tinder and Bumble are introducing new features and improving content moderation to attract more Gen Z women. LINK
Retail sales per person hit their lowest level in 2 years due to cost-of-living pressures, with consumers cutting back on non-essential items like clothes and furniture. LINK
Australia's largest retail superannuation funds experienced net outflows of $10.6B in 2022-23. LINK
AI could potentially eliminate 30% of executive jobs within 2 years. LINK
Global News
Airfares in Europe and Asia are starting to plateau or decrease. LINK
Oil prices edged up in Asia on Tuesday, supported by expectations of strong fuel demand from the US during summer and ahead of an OPEC+ output policy decision on June 2. LINK
Authorities in Papua New Guinea fear a second landslide and a potential disease outbreak due to unstable debris, rain and trapped water. LINK
New Zealand's central bank has introduced limits on how much housing finance lenders can provide to borrowers with high debt relative to their incomes. LINK
Brazil has surpassed Belgium as the top export market for Chinese EVs and hybrids. LINK
Company News
Mercer Super was penalised by APRA for significant risk and compliance breaches, with additional licence conditions imposed and a required remediation plan. LINK
Country Road Group directed staff not to speak to the press regarding the sexual harassment and bullying allegations. LINK
Westpac's RAMS Financial is under investigation by ASIC and APRA for potential breaches of credit rules LINK.
University of Queensland admitted to underpaying nearly 10,000 casual staff by $7.88M over 7 years. LINK
Industry super funds such as AustralianSuper and Hostplus continue to see strong cash inflows, while retail groups like AMP and Insignia suffer net outflows, with AustralianSuper taking in $19.5B in the financial year to June 2023. LINK.
Cettire denies allegations of selling non-genuine products and claims there are no confirmed cases, despite over 50 customers complaining about receiving empty boxes. LINK
Hawaiian Airlines CEO Peter Ingram cites the weak Australian dollar as a major barrier to increasing flights from Australia to Hawaii. LINK
Optus has increased prices for its cheapest and most popular monthly mobile plans by 5-6% due to higher costs to maintain network quality LINK.
Amazon Web Services is in discussions with Italy to invest billions of euros in expanding its data centre business LINK.
PetO will become the third largest player in the $10B pet industry by acquiring 41 retail stores and 25 vet clinics divested from PETstock and Woolworths' investment deal. LINK
Flight Centre has partnered with Qualtrics to use AI for interpreting customer sentiment and identifying issues, aiming to increase spending among younger, online customers and implementing 72-hour refunds across airlines LINK.
This Week’s Top Picks
Picky eating is linked to poorer cognitive performance compared to those with diverse diets. LINK
Queensland introduces a radical 50 cent flat-rate public transport fare to encourage use and ease road congestion, starting in August for 6 months. LINK
The US bans imports of poultry from Victoria due to an avian influenza outbreak. LINK
Australian insolvency rates are on track for their worst period since the Global Financial Crisis, with the increase in business failures predicted to continue. LINK
As hybrid working becomes the norm, co-working spaces are increasingly moving to suburban areas, offering a closer-to-home option for big company employees. LINK
Industrial microwave technology is emerging as a potential low-carbon source of heat for heavy industries, like steel manufacturing. LINK
How much did we spend in April?
April's retail trade figures indicate continued consumer caution, with minimal growth suggesting broader economic challenges impacting spending habits.
Key Highlights:
Retail trade saw only a marginal increase of 0.1% month-over-month in April, following a decrease of 0.4% in March.
Influences such as high interest rates and inflation are continuing to constrain consumer spending, particularly on non-essential items.
What do the stats say?
Retail trade growth stands at just 1.3% year-over-year, which is below both inflation and population growth rates, indicating a squeeze on household budgets.
Key sectors such as Food Retailing and Clothing & Footwear experienced declines, whereas categories like Other Retailing, which includes goods like pharmaceuticals and cosmetics, saw a rise.
Challenges:
The minimal growth and the shift towards essential spending highlight significant challenges for the retail sector, particularly in adapting to reduced discretionary spending.
Outlook for Retail Trade:
Given the current economic indicators and consumer sentiment, the retail sector may continue to face challenges until broader economic conditions such as inflation and interest rates stabilise. However, upcoming fiscal measures like tax cuts and rebates could provide a temporary boost to consumer spending.
