Business NSW Central Coast is urging Coasties to support their local businesses as they shop for Christmas following a forecast 13 per cent average drop in Christmas trade across regional NSW.
A survey of businesses from across the state released in the latest Business Conditions Survey has revealed 67 per cent of businesses on the Central Coast are expecting Christmas trade to be down compared to last year, with only 17 per cent anticipating an up-tick.
“Industries that count heavily on Christmas trade are expecting to see less foot traffic, less sales and less contracts coming through the door,” Business NSW Executive Director Regional NSW and Visitor Economy Paula Martin said.
“Construction and manufacturing businesses are expecting the worst continued downturns, while those in the transport, postal and warehousing and information media and telecommunications sectors are expecting to be relatively more resilient.
“Members are telling us the most recent interest rate hike from the Reserve Bank has hit business confidence; but there is hope.
“Despite the downbeat sales predictions, business confidence for the next quarter is optimistic, with 87 per cent of businesses saying they would love to expand their business operations, but are constrained by a range of barriers such as the cost of doing business, skills shortages and energy costs.
“Encouragingly, the majority of businesses are predicting that they will maintain their workforce headcount for the next quarter.
“During these times, I encourage all Coasties to get out there and support our local business.
“It helps keep our local towns vibrant and for some provide employment pathways for our young people.”
Martin said Business NSW applauded the NSW Government for introducing business measures to help in these tough times including: changes to procurement rules; moves to scrap the Emergency Services Levy; and energy support to small and medium business.
“The focus on providing affordable housing in the right place for key workers will take a time to feed through but is a big step in the right direction for our members whose staff are struggling to pay their rent,” she said.
The survey also revealed insurance, rental costs and energy – followed by taxes, levies and government charges – remain the top cost concerns for businesses.