Australia: Easing in coronavirus lockdowns prompts a record-sharp surge in retail sales in May
Preliminary data shows nominal retail sales in May skyrocketed at the fastest pace on record amid easing coronavirus lockdowns. They jumped 16.3% over the previous month in seasonally-adjusted terms, sharply contrasting April’s record 17.7% freefall which was caused by widespread shutdowns. Preliminary figures are based on data provided by businesses that make-up approximately 80% of total retail turnover.
May’s surge was broad-based. Particularly pronounced increases were recorded in clothing, footwear and personal accessory retailing and cafes, restaurants and takeaway food services.
In annual terms, retail sales climbed 5.3% in May, contrasting April’s 8.9% plunge which had marked the sharpest decrease on record. Meanwhile, annual average growth in retail sales rose from 2.4% in April to 2.6% in May.