Retail sales plunge, Godfreys goes bust

John KehoeEconomics editor

Updated Jan 30, 2024 – 1.45pm, first published at 11.47am

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Shoppers slashed retail spending in the run-up to Christmas by the most since the pandemic lockdowns, by cutting back on household goods, clothes and footwear.

The recession-like conditions in retail were underlined by vacuum retailer Godfreys Group entering voluntary administration, and credit watchers predicting that more retailers will go bust in the coming months.

John Kehoe is economics editor at Parliament House, Canberra. He writes on economics, politics and business. John was Washington correspondent covering Donald Trump’s first election. He joined the Financial Review in 2008 from Treasury.