Australian consumers are being hit hard by falling retail prices and stagnant wages, with a record high number of women opting to switch from men’s to women’s sports, according to a report by Macys.
The latest survey of consumer spending from Macys and Nielsen, released on Thursday, shows that while women are spending more on sportswares, men are seeing their spending drop by 4 per cent in the past 12 months, from $3.8 billion in November to $2.8bn in November.
“The fall in men’s sports spending in the quarter was driven by the impact of the Olympics and Paralympics on the sport of swimming,” Macys managing director of research and analysis Dr Andrew Mackey said.
“It is a reflection of the pressures of competing for the same medals as their female counterparts.”
Women are spending $3 billion more than men on sportwear, while the amount spent on men’s sportswords has dropped by 4%.
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