Australian retail sales jumped 0.3% in March [seasonally adjusted], beating market expectations for a 0.2% lift. The results follow a revised gain of 0.9% in February.
March numbers were driven by a leap in food retailing, with price increases (than volume) driving the surge.
During the month, household goods retailing lift 0.2% [seasonally adjusted], whilst department stores slumped 1.5%.
Electrical and electronic goods retailing slipped 0.1%.
Excluding food-related items, local retail sales soared 0.3% in March, notching a 2.9% increase from the previous 12 months – the fastest since October 2018.
[ABS – Household goods retailing]
[ABS – Department store retailing]
Despite sales beating market expectations for the last two months, retail sales volumes contracted – down 0.05% versus a 0.3% lift expected.
“The quarterly fall in volumes was led by household goods retailing at 0.6%, and department stores at 1.2%,” claims the Australian Bureau of Statistics.
The news comes as household debt further soars, coupled with declining household debt.
A drop in retail spending has also hampered local GDP.
[ABS]
