Aus Retail Spending Rebounds Faster Than Expected
NSW and the ACT are nursing the Australian retail sector back to health, with double-digit sales growth leading a national recovery.
National turnover jumped by 4.9 per cent in October, lead by a 20 per cent surge in the ACT, and a sales leap of 13 per cent in NSW.
Victoria, who more recently left lockdown, saw a modest leap of 3 per cent.
This is all according to statistics crunched by the Australian Bureau of Statistics.
EY chief economist Joanne Masters credits, “pent up demand, combined with dollars in the bank and the wealth effect of higher house prices” for the quick return to retail, also predicting the spending boom will continue through the festive period.”
Department store turnover in NSW and ACT surged 22 per cent, as shoppers return to brick and mortar centres. Clothing and footwear sales jumped 30 per cent during October, with café and restaurant spend up 12 per cent.