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OZ Retail Sales Jump Higher Than Expected

May retail sales were up by 0.7 per cent on-month, well ahead of analyst’s expectations of a modest 0.1 per cent jump.

A rise in spending on discretionary goods, food, and eating out drove the leap, according to ABS, which saw total retail trade for May reach $35.5 billion.

“This latest rise reflected some resilience in spending with consumers taking advantage of larger than usual promotional activity and sales events for May,” ABS head of retail statistics, Ben Dorber, said.

The start of EOFY sales during May is a major component.

“Just as we saw during the November Black Friday sales last year, consumers appeared to take extra advantage of discounting during large sales events in May in response to cost-of-living pressures,” Dorber said.

It’s not all sunshine, though. Department store spending has dropped by 0.5 per cent, along with clothing, footwear, and personal accessory retailing (-0.6 per cent), following a colder and wetter-than-usual April saw a rise in winter clothing spend.



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