Australia: Pre-Christmas shopping and marketing promotions power sharpest jump in retail sales in two years
January 10, 2020
Nominal retail sales in November surged 0.9% over the previous month in seasonally-adjusted terms, following October’s 0.1% uptick and marking the strongest reading in two years. The reading came significantly above market expectations of a 0.4% increase and benefited significantly from Black Friday sales. This could nonetheless result in weaker sales in December, which might also be affected by the impact of the worst bushfire season on record.
November’s reading was the result of higher sales in clothing, footwear and personal accessory, food, household goods, department stores and cafes, restaurants and takeaway food services more than offsetting lower sales in other retailing.
In annual terms, retail sales expanded 3.2% in November, up from October’s 2.7% increase. Meanwhile, annual average growth in retail sales inched was stable at October’s 2.7% in November.