Retail Sales Triumph Over Predictions
Late last year, retail bosses predicted a slow Christmas period for the sector – despite much needed economic stimulation.
But figures released in Australian Bureau of Statistics (ABS) reveal a different story. Sales surged 0.9% in November, the strongest numbers in two years, and well ahead of the 0.4% expectation.
‘The seasonally adjusted estimate rose 0.9% in November 2019. This follows a rise of 0.1% in October 2019, and a rise of 0.2% in September 2019,’ the ABS report states.
‘In trend terms, Australian turnover rose 2.9% in November 2019 compared with November 2018.’
The retail bounce back in November could be attributed to events such as Black Friday, which has become statistically significant for retail sales.
The retail sector that benefitted the most from the sales spike was fashion and footwear, accounting for 0.6% of the growth, with department stores growing a 0.5%.
Food retail, such as kitchen appliances and take away food delivery services, took the third largest slice of growth with 0.3% growth.
Tasmania recorded the highest retail sales growth with 0.8%, leaving Victoria with just 0.1%.