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NAB Online Retail Index Up 49.6%, Led By Groceries & Appliances

The NAB Online Retail Sales Index continued to improve in June increasing by 49.6% year-on-year and 0.2% month-on-month.

“The year-on-year result implies that, even after the easing of restrictions, online sales growth remains elevated,” NAB stated.

This growth was led by homewares and appliances, grocery and liquor, media, and personal and recreational goods.

“While the smaller spend share category, games and toys, contracted in month-on-month terms, this category has performed strongly relative to the same period 2019. This category includes merchants such as online game subscriptions, which have proved popular in the current environment, in addition to physical goods such as puzzles,” said Alan Oster, Chief Economist at NAB.

In the year to June 2020, NAB estimates that Australian’s spent $35.7 billion on online retail, which equates to roughly 10.7% of the total retail trade estimate, and represent growth of 23.1% compared to the 12 months prior.

As Victoria and New South Wales battle second waves of COVID-19, the country’s online retailers are expected to benefit from more restrictions being brought in.

On the ASX today, Myer was down 6.3%, Premier Investments fell 3.3% and Harvey Norman declined by 1.6%. By comparison, Kogan.com was up 5.5% and Temple & Webster rose by 1.6%.

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