EOFY sales forced to ramp up as retail shopping declines due to interest rate rises

Ongoing interest rate rises are having a negative impact on shopping habits as new data shows a sharp decline in sales which is forcing retailers to ramp up end-of-financial-year sales. Outlets such as Peter Alexander and Just Jeans posted a 20 per cent decline in sales during May despite an overall increase in jobs from the same period. Buy-now pay-later groups are also seeing an overall 7 per cent slide in fashion spending.