Australian retail turnover rose 0.4 per cent in March 2023, according to figures released today by the ABS, signalling a pull-back in discretionary spending.
This follows a 0.2 per cent rise in February 2023.
The modest rise was due to strong performances from the food sector, with rises in both cafes, restaurants and takeaway food services (+1.5 per cent) and food retailing (+1.0 per cent).
“Food retailing has now recorded 13 consecutive monthly rises, largely driven by high food inflation,” Ben Dorber, ABS head of retail statistics, said.
Department stores fell 0.2 per cent, some $3.7 million for the month, while household goods fell by $21.6 million, or 0.4 per cent.
“Spending on non-food retailing has slowed in response to interest rate rises and increased cost of living pressures,” Dorber explains.
“This follows increased spending during and immediately following much of the COVID-19 pandemic period.”
March spend is up 5.4 per cent, compared to March 2022.
