Retail Spending Slows, But Department Stores Buck Trend
Australians are continuing to tighten their belts, with retail turnover remaining steady in April, despite high levels of inflation driving prices up.
This is according to the latest data from the Australian Bureau of Statistics, which shows flat spend, following a 0.4 per cent rise in March, and a 0.2 per cent jump in February.
These modest jumps were driven solely by inflation.
“Retail turnover has plateaued over the last six months as consumers spent less on discretionary goods in response to cost-of-living pressures and rising interest rates,” Ben Dorber, ABS head of retail statistics, said in the statement.
“Spending was again soft in April but was boosted by increased spending on winter clothing in response to cooler and wetter than average weather across the country.”
Department stores have bucked the trend, with a 1.5 per cent increase for April.
Clothing, footwear, and personal accessory retailing was the only other category to rise during the month, up 1.9 per cent.