Australian retailers face bleak Christmas
Updated
There's evidence this Christmas could be a bad one for Australian retailers.
Our reporter Lexi Metherell says the Westpac-Melbourne Institute Index of Consumer Sentiment fell 11 per cent in October which is one of its biggest falls since the survey began in the mid-1970s.
Westpac's chief economist Bill Evans says the fall reflects the deep concern households have over the turmoil on global markets.
But he says of more concern for retailers, is that the index of people who think now is a good time to buy a major household item dived by nearly 20 per cent .
"I'm very concerned about the outlook for consumer spending over the Christmas period."
That component of the survey is below the average of the last recession and at its lowest level since 1975.
