Retail spending slips in December following heavy | Australian Markets
Australian retail gross sales have slipped in December following robust growth within the earlier months as a consequence of heavy discounting from retailers.
Retail turnover fell 0.1 per cent in December, in line with contemporary Australian Bureau of Statistics knowledge on Monday, beating forecasts of a 0.7 per cent drop.
It adopted two months of growth, with gross sales up 0.7 per cent and 0.5 per cent in November and October, respectively.
Yr-on-year, retail gross sales rose 4.6 per cent.
“Retail spending held firm following strong growth in recent months with promotional activity stretched across the quarter,” ABS head of business statistics Robert Ewing mentioned.
“Cyber Monday fell in early December and boosted spending to begin the month, particularly on discretionary items like furniture, homewares, electronics and electrical items.”
Gross sales outcomes had been blended throughout classes, with family items retailing posting the the largest rise (up 1.6 per cent).
“Cyber Monday drove more spending on household goods as consumers took advantage of discounts on big ticket items,” Mr Ewing mentioned.
Extra to come back.
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