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Australia Retail December 2023

Australia: Retail sales contract at sharpest rate since August 2020 in December

Retail sales dropped 2.7% month-on-month in seasonally adjusted terms in December (November: +1.6% s.a. mom). The outturn marked the worst reading since August 2020. The notable weakening was partly driven by a deterioration in household goods sales, as it recorded the weakest reading since July 2000. In addition, clothing and footwear sales fell sharply. Lastly, department stores sales declined at a sharper rate, while cafes, restaurants and takeaway food services sales dipped at a steeper pace than in the prior month.

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