WILL THE RETAIL SALES BOOM TURN TO BUST?; BLOCKCHAIN: A SOLUTION TO AVOID CENSORSHIP.

WILL THE RETAIL SALES BOOM TURN TO BUST?; BLOCKCHAIN: A SOLUTION TO AVOID CENSORSHIP.

Welcome to this week’s business and media intelligence update.

WILL THE RETAIL SALES BOOM TURN TO BUST? 

Australia’s major retail associations are thrilled about shoppers spending big and fuelling a boom in sales but some are worried the boom may be short lived.

The heads of the National Retailers Association (NRA) and Australian Retailers Association (ARA) say that while the 9.4 per cent sales boom in March reflects the sector’s ongoing recovery, rising interest rates and cost-of-living pressures could curb consumers’ appetite for indulging in old-fashioned retail therapy.

As ARA chief executive Paul Zahra put it: “Whilst the top-line performance of retail trade is strong, consumer confidence has fallen significantly this week and we could see more subdued levels of consumer spending in the months ahead as people start to tighten their household budgets.”

NRA chief executive Dominique Lamb fears if rates continue to rise, retailers will start to feel the pinch as consumers will reduce their discretionary spending

So, keep spending, Australia.

BLOCKCHAIN: A SOLUTION TO AVOID CENSORSHIP 

To dodge China’s censorship rules, Shanghai residents are turning to blockchain and non-fungible tokens (NFTs) to express their views about the city’s five-week strict COVID lockdown.

The technology behind cryptocurrency has been used to create over 800 digital artworks that capture the frustration and hardship of many of the city’s 25 million residents in lockdown.

Blockchain technology means images and videos cannot be erased or deleted. The move has further angered Chinese officials who have previously sworn to step up policing of the internet to prevent what they described as “rumours” and “public discord” over the lockdown.

IT’S TRUE: YOUR EMPLOYEES WANT FLEXIBILITY 

Employees are putting their foot down when it comes to flexible working: it’s non-negotiable.

New research by asset management firm Mercer released this week found two out of three Australian workers say they will only join or stay with a company if their employer offers remote or hybrid work.

Burnout and fatigue are thought to be behind the trend, with a third of workers willing to sacrifice a pay rise this year if it means they can adopt a flexible work style or a compressed schedule.

But the move towards greater flexibility has left some bosses nervous.

More than three-quarters of C-suit executives are concerned about the ability of employees to build strong relationships with colleagues and leadership if hybrid working becomes permanent.

DON’T BE TOO POLITE, GIRLS 

Despite an impressive career spanning from teaching to activism and corporate boardrooms, Wendy McCarthy admits she has often suffered from impostor syndrome over the years.

“I was raised by a family who thought girls should be seen not heard; they should wait until they’re asked to dance; not put themselves in the middle of the floor and under no circumstances, to be bold,” she told a breakfast event hosted by Cannings earlier this week.

McCarthy was discussing her second memoir, Don’t Be Too Polite, Girls, which details her involvement in the struggle for women’s rights, and driving change in the corporate world.

She has been in hot demand throughout her career – sitting on more than 30 boards – largely, she says, because she decided to follow one career rule: “Say yes to opportunities and think about it later”.

Grab a copy of McCarthy’s book, here


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