Online Retail Sales Slow Down in August
The NAB online retail sales index fared a slowdown in August, slipping to 4.2% [on-month, seasonally adjusted] versus 6.6% in July.
Online retail sales continued to grow during the month, however, at a slower pace than record results in July.
The figures follow lockdown conditions in Melbourne, with retailers largely surviving on e-commerce for revenue generation.
Growth was lead by personal and recreational goods and department stores during the month.
The largest sales category – homewares and appliances – was flat for August.
Sales in metro areas reported slowing growth, whilst regional areas contracted slightly.
Both domestic and international merchants notched growth in the month, with international retailers outpacing domestic. International results were driven by strong performance in the homewares and appliances segment.
In year-on-year terms, domestic merchants have significantly outpaced international merchants.
NAB forecasts that in the twelve months to August, Australian consumers spent around $39.2 billion on online retail – about 11.5% of the total retail trade estimate.
The result is 33.6% higher than the same time last year.
Further information is available on NAB’s website here.