Latest retail turnover figures reveal a spending surge
Australia’s retail trading conditions rebounded last month as a fully opened Victoria and record sales from Black Friday helped provide a spending sugar hit to a sector that has struggled for the best part of 2020.
Latest figures from the Australian Bureau of Statistics shows retail turnover for November shot up 7 per cent compared to the prior month, with large national rises in clothing, footwear and department store sales.
The surge of more than $2bn in turnover over the month follows on from a 1.4 per cent increase in October.
Director of quarterly economy-wide surveys, Ben James, said Victoria had the biggest monthly rise, primarily due to pent-up demand from its extended second lockdown.
“Victoria saw a large rise, up 21 per cent, as retail stores experienced a full month of trade following the easing of coronavirus restrictions in that state. Excluding Victoria, retail sales rose 2.7 per cent,” he said.
Compared to November 2019, national retail turnover figures were 13.2 per cent higher.
Mr James said South Australia’s short lockdown had caused turnover figures for the state to be flat over the month.
“By industry, household goods retailing (13 per cent) led the rises, as Black Friday sales combined with major product releases in the electrical subgroup led to a spike in turnover across the country,” the bureau said.