November Retail Sales Beat Forecast
November retail sales have beat analyst expectations, notching 0.4% growth versus 0.3% forecast. The Australian dollar has since spiked over 0.2% to 72 US cents.
Better-than-expected results stem from Black Friday and Click Frenzy sales, with household goods and clothing amongst the most in demand segments.
The data provides a better prediction of December performance, with some analysts concerned it may detract from Christmas results.
In trend terms, local retail turnover jumped 3.6% in November, versus the same time a year prior.For the month of November, household goods retailing spiked 1.2% [seasonally adjusted], with electrical and electronic goods retailing jumping 3.3%.
Boost by Black Friday sales, department stores post a 0.4% increase in turnover [seasonally adjusted].
E-retailers continue to boom, with online sales accounting for 6.6% of total sales during November, up from 5.9% in October.
By comparison, online sales accounted for 5.5% of total sales a year prior.On a state basis, retail turnover rebounded in NSW (soaring 0.8%), with ACT leading the charge (up 1.6%).
Despite monthly results beating forecasts, sales growth over the year slumped – dropping from 3.6% in October, to 2.8% in November.
The slowdown leaves annual sales growth at its lowest levels since around May 2018.
Excluding food retailing, retail turnover climbed 1.9% YoY – also the smallest gain since May.