Tuesday, June 25, 2024

Record spending in November

Retail sales have marked 15 consecutive months of growth, with a record $35.9 billion spent in stores and online in November 2022. This was an increase of 7.7% on the same time the previous year, according to figures released today by the Australian Bureau of Statistics (ABS).

There were strong year-on-year sales increases for cafes, restaurants and take away food (up 24.8%) Department stores (up 7.6%) and clothing, footwear and personal accessories (up 7.1%) also recorded strong growth.

Queensland led year-on-year growth (up 10.4%) followed by South Australia (up 9.5%) and Western Australia (up 9.1%).

Australian Retailers Association (ARA) CEO Paul Zahra says while the results remain solid for retail, inflation played a significant role in the increase in sales, with the Consumer Price Index for November 2022 also reported today at 7.4%.

“November’s results remain strong when compared to the same period in 2021. The result is particularly strong considering the cost-of-living squeeze being felt by households across the board,” he says.

“This data also marks 15 consecutive months of growth in retail trade, which is a phenomenal result considering the disruption and adversity the industry has weathered.”

Mr Zahra, however, flags an expected slowdown in spending in 2023.

“Inflation remains a concern for us. So does the rising cost of doing business along with supply chain disruptions and staff shortages, which remain top of mind for retailers,” he says.

“These results reinforce the retail industry’s permanent state of disruption and the need for retailers to remain resilient in the face of economic headwinds and external pressures beyond their control.”

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