Home > Industry > Retailers > JB Hi-Fi > Retail Sales Enjoy Biggest January Growth Since 2015

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.

You may also like
Westfield Bails Out Of US After COVID Catastrophe
Coronavirus Vaccine Certificates To Be Carried On Smartphones
Okta Report Highlights Apps Driving The Digital Economy
Chip Sales Rise Due To Pandemic-Fuelled Rush
Oz Retail Surged Over Christmas Despite COVID