Australian retail sales are continuing to buck a predicted spending freeze, with October sales increasing 12.9 per cent compared to last year.
Sales are also up 28.2 per cent on pre-pandemic levels, showing that the high spending levels are not simply due to cycling the lockdowns of 2021.
October saw a 30.5 per cent leap in electronics sales, with home furnishings up 21.5 per cent.
Australian Retailers Association CEO Paul Zahra said these results, via the latest Mastercard Spending Pulse, which measures in-store and online retail sales across all forms of payment, bears out the ARA’s predictions of a strong Christmas for Australian retail.
“Retail performance this year continues to be outstanding, despite a dramatic drop in consumer confidence due to inflation. The Delta lockdowns of 2021 are a driving factor behind the substantial growth we’ve seen in the year-on-year comparisons along with price increases.
“It’s encouraging to see categories such as lodging and apparel bounce back from the dramatic setbacks of the pandemic with the continued strength in jewellery sales demonstrating the resilience of luxury retail,” Mr Zahra said.
“This strong sales momentum bodes well for the most important retail trading period – Christmas – which we are forecasting will continue to deliver growth.
ARA and Roy Morgan have forecast that Australians will spend nearly $64 billion this holiday season, a 3 per cent rise on last year.
