Coles chief warns shoppers tightening Christmas budgets as confidence crashes
Coles CEO Leah Weckert says shoppers are trading down for Christmas as consumer confidence sinks to record lows.
Coles boss Leah Weckert has revealed shoppers are preparing for a budget Christmas as consumer confidence sinks to its lowest level since the early 1990s recession. Interest rates and fuel prices are squeezing household budgets, and another rate hike looms next month.
Customers are trading down to cheaper options like chicken instead of steak and using AI tools to compare prices across retailers. Coles' Christmas range includes over 370 products, with more than 200 items priced at $10 or under.
About 52 per cent of shoppers plan to hunt for discounts, while 49 per cent will compare prices beforehand. Grocery prices have risen nearly 40 per cent over five years.
The average mortgage payment has jumped by nearly $6,000 annually after last month's rate rise, and petrol is creeping toward $2.50 a litre.
- nearly 40 per cent
- Grocery price increase over five years
- nearly $6,000
- Annual mortgage payment jump
- 30 per cent
- Customers using AI price comparison
- more than 200
- Coles Christmas range items under $10
Why it mattersEconomic pressure is reshaping how Australians shop and celebrate, with ripples across retail, grocery, and household finances heading into the peak shopping season.
AustraliaAustralian families are cutting Christmas spending and using loyalty programs and price comparisons to stretch their dollars further than last year.
✓ Claims checked against the source and corrected before publish. checked 2 h ago
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