Retail Sales Enjoy Biggest January Growth Since 2015
Australian consumers spent a staggering $30.5 billion in retail sales during the month of January – the strongest result for the month in six years.
Numbers from the Australian Bureau of Statistics (ABS) reveal all states reported higher retail sales – with the exception of Queensland which fell by just 1.5 per cent due to the Brisbane lockdown.
Sales in NSW were the strongest, up by 1 per cent due to the early easing of COVI-19 restrictions.
ANZ economists forecasts retail sales growth of 1 per cent for January, and while the figures were lower than expected it was the strongest January result since 2015.
Retail sales are up 10.7 per cent from this period a year ago and are 10.1 per cent above pre-COVID sales in February 2020.
The bumper retail result are reflected in positive earnings reports from major retailers including JB Hi-Fi and white goods manufacturer Breville.
Retailers, particularly in the CE industry, have enjoyed a surge in consumer spending despite pandemic-related stock shortages.