Australian retail sales soared 0.6% in February to $24.45 billion [in seasonally adjusted terms] – the highest percentage increase since November last year. The result is double economists’ expectations for a 0.3% lift.
Following January’s revised retail sales growth of 0.2%, the annual increase in retail sales jumped from 2.1% to 3% – notably the fastest rise since July 2017.
Retail sales increased in most sub-categories, spurned by the timing of Chinese New Year.
According to industry, “household goods retailing” led the charge, climbing 1.1% in the period.
‘Electrical and electronic goods retailing’ hiked 0.1%.
‘Department stores’ also notched a welcome improvement, posting a 1.5% increase, following three months of declines. ‘Other retailing’ rose 0.2%.
The results reflect improved discretionary spending – the largest increase since November last year. November’s results were influenced by the release of Apple’s new iPhones.
[Feb 18 – Household Goods Retailing – ABS]
On a state-by-state basis, QLD and WA were the only ones to post declines, 0.6% and 0.3% respectively. Retail sales in NSW and VIC jumped 1.1% during the period.
