The world’s favourite plastic toys are hitting the market again, and you can expect to pay more for them in the coming months.
A new survey from consumer group ANZ shows the industry is poised to see a $1 billion increase in consumer spending over the next three years.
The ANZ survey of more than 3,000 Australian consumers found consumer spending is expected to rise by $1.2 billion in the four years to 2019.
While that’s a drop from last year, it is a significant boost for the industry.
The survey also found that consumer spending on disposable products is expected increase by $200 million over the same period.
But while spending on toys and household items is up, spending on electronics is down.
ANZ found that the industry will have to adjust to the growing number of people using technology to access their home.
The rise in the use of technology to communicate with their families is also expected to drive up prices.
ANVIC Consumer and Economic Services analyst David Tompkins said the growth in digital technology was making it easier for families to spend money on electronics, and that this would drive up the cost of goods and services for both consumers and businesses.
“This is a big deal because it means we are not only talking about a new generation of consumers but also those who will be in the market for new products,” Mr Tompkin said.
“That means we could see a price rise over the medium term as new consumers look to upgrade to more expensive products.”
Mr Tampkins said consumer spending was up by $2.6 billion over the three years to March 2019, and he expects it to increase further.
He said the increase in spending could be partially offset by an increase in sales of electronic gadgets.
The latest ANZ figures are likely to be a boost for retailers, which have been hit hard by the rising cost of the products.
Retailers have already been hit by falling sales of electronics, including computers and phones.
Some retailers have also had to cut staff.
But Mr Tmpkins said it was a good time to be in a consumer market where prices are rising faster than in the past.
He also said there was a possibility of a return to the previous cycle of soft spending in the sector.
ANSL Group CEO Michael McKean said it had been hard for the retail sector to keep up with the changing times.
“It’s been hard to maintain the same levels of spending across a period of 10 to 20 years,” he said.
ANZ has released its quarterly report on consumer spending this week, which covers the financial year to March 2018.”
We’ve had some of the best years for Australian retail in the last 10 years.”
ANZ has released its quarterly report on consumer spending this week, which covers the financial year to March 2018.