Australia Retail April 2020

Australia

Australia: Retail sales collapse in April amid lockdown

May 21, 2020

Preliminary data shows nominal retail sales in April nosedived at the fastest pace on record amid lockdown. They plummeted 17.9% over the previous month in seasonally-adjusted terms, sharply contrasting March’s 8.5% jump which was boosted by fears of shortages of essential products. Preliminary figures are based on data provided by businesses that make-up approximately 80% of total retail turnover.

April’s crash was broad-based. Particularly pronounced falls were recorded in food retailing, cafes, restaurants and takeaways, and clothing, footwear and personal accessories.

In annual terms, retail sales plunged 9.4% in April, contrasting March’s 9.4% surge and marking the sharpest decrease on record. Meanwhile, annual average growth in retail sales dropped from 3.5% in March to 2.4% in April.

FocusEconomics Consensus Forecast panelists are still assessing the latest developments.


Author: Massimo Bassetti, Economist

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Australia Retail April 20 20

Note: Month-on-month seasonally adjusted changes and annual average variation of retail sales index in %.
Source: Australia Bureau of Statistics and FocusEconomics calculations.


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