Online Retailer: Westpac’s Matthew Hassan Talks Economic Outlook For Retail

Melbourne, Australia - July 26, 2018: Homeless man sits in front of Westpac bank in Melbourne Australia
By



    In his keynote speech at Online Retailer 2022, Westpac senior economist Matthew Hassan broke down the key stats heading into the second half of the year and predicted how the retail sector would be impacted by current financial trends.

    Hassan used a combination of ABS statistics and Westpac economic data to look at a number of important pieces of information surrounding Australian retail’s economic future, including the continued impacts of covid on the market and how global inflation could continue to apply pressure to customer confidence.

    All told, the forecast is for consumer trust to grow as covid aftershocks continue to impact the market, with online shopping numbers continuing to rise.

    As retail begins to open up in full following the pandemic-enforced lockdowns in recent years, Hassan and Westpac predict a “reopening flourish” followed by a slowing of economic activity as rate hikes impact the industry.

    Hassan also spoke in-depth about the current global focus on ESG (environmental, social and governance), pointing out the importance of making setting targets in the coming years with COP26 less than five years away.

    “In five year’s time, big corporations will be unable to secure a loan from a bank unless they can provide a credible plan to cut their carbon emissions,” said Hassan.

    Though retail is unlikely to be front and centre in this ESG-based revolution, Hassan believes it will impact a companies’ ability to connect and engage with customers, an important factor to consider when retail is increasingly moving towards a personalisation-centric world.

    In a positive outlook, Westpac predicts a reduction in unemployment numbers in coming years, though current numbers are perhaps deceiving the reality of around four per cent unemployment nation-wide.




    Please login with linkedin to comment

    ONline retailer Westpac

    Latest News

    GTA VI Trailer Smashes YouTube Viewership Records
    • Media

    GTA VI Trailer Smashes YouTube Viewership Records

    The trailer for Rockstar Games’ Grand Theft Auto VI has demolished YouTube viewership records for the most-watched non-music video in 24 hours. At the time of writing, the trailer has amassed 93 million views. YouTuber Mr Beast previously held the record for the most-watched vid in 24 hours for his “$1 vs $100,000,000 House” video […]

    a data analyst using technology AI for working tool for data analysis Chatbot Chat with AI, using technology smart robot AI, artificial intelligence to generate something or Help solve work problems.
    • Advertising

    Introducing Yahoo Blueprint: A New AI-powered Suite For Better Ad Performance & Optimisation

    Yahoo Advertising has launched Yahoo Blueprint, a central AI suite that powers performance-based solutions within the Yahoo DSP. Fuelled by over 335 million logged in Yahoo users globally, Yahoo Blueprint enhances decisioning, makes AI more accessible, and serves as a results-driven guide throughout the campaign lifecycle to deliver better outcomes for advertisers. This new AI […]

    Icon & Snack Drawer Appointed Meta PR Agencies Of Record
    • Technology

    Icon & Snack Drawer Appointed Meta PR Agencies Of Record

    Meta has appointed Icon Agency and Snack Drawer as its Australian PR agencies of record, and Pead as its New Zealand PR agency of record, following a competitive pitch process. Together, Icon Agency and Pead will deliver a mix of corporate, B2B, policy, and consumer communications in Australia and New Zealand respectively. Snack Drawer will […]

    Publicis Sapient Announces Launch Of PS Hummingbird, Expanding Its Generative AI And Cloud Capabilities With Microsoft
    • Technology

    Publicis Sapient Announces Launch Of PS Hummingbird, Expanding Its Generative AI And Cloud Capabilities With Microsoft

    Publicis Sapient, a digital business transformation company, today announced the launch of a new joint venture with Tquila called PS Hummingbird. Lead image: Nigel Vaz CEO of Publicis Sapient The partnership with Tquila, with whom Publicis Sapient has collaborated on several other ventures, will extend Publicis Sapient’s generative AI offerings powered by Microsoft Azure, Microsoft […]