2024 consumer spending constraint impacts Woolworths, Coles due to high mortgage rates and inflation, affecting 2/3 of Australia's grocery market.

Australia's top supermarket chains, Woolworths and Coles, face constrained consumer spending in FY24 due to high mortgage rates and inflation, leading to cautious spending. The cost-of-living crisis impacts both companies, which account for 2/3 of Australia's grocery spending. Analysts expect Coles to perform better with a slight net profit rise, while Woolworths' underlying earnings margin is expected to contract due to business costs and investments.

August 26, 2024
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