Home > Industry > Department Stores Lead Retail Sales Spike

Department Stores Lead Retail Sales Spike

The ABS’ latest numbers reveal retail sales jumped 0.4% to $26.67 billion┬áin May – beating forecasts for a 0.3% increase. The news marks better-than-expected retail sales for two straight months.

Department stores lead May’s retail sales spike, posting a 3.9% rise. By consequence, clothing, footwear and accessories jumped 2.2%.

The Bureau of Statistics claims cold weather triggered a spike in clothing sales, reversing April’s warmer than normal temperatures.

Food and household goods expenditure also increased, climbing 0.3% and 0.1% respectively.

Reflecting discretionary spending levels, retail turnover (excluding food) jumped 0.4% [seasonally adjusted], following a 0.6% spike in April.

Despite the month-on-month increase, annual retail sales are still comparatively slow, dropping 2.5% versus a 2.7% slump for the twelve months to April.

For the month of May, retail sales climbed in all Australian states except ACT and WA.

You may also like
Myer Slash 50 Jobs Amid Turnaround
Dyson Release Most Powerful Cordless Vac Yet
Qualcomm Chips To Use Aussie Start-Up’s Security Software
ScoMo Warns Social Media Chiefs: Clean Up Your Act
ALDI Unveil $130 De’Longhi Kettle & Toaster Combo