Australia: Retail sales grow at quickest pace since November 2021 in January
Retail sales grew 1.9% in month-on-month seasonally-adjusted terms in January, which contrasted December’s 4.0% decrease. January’s print marked the best reading since November 2021. January’s turnaround largely reflected rebounds in household goods and clothing and footwear sales. Lastly, department stores sales rose at a stronger rate, while cafes, restaurants and takeaway food services sales gained pace.
On an annual basis, growth in retail sales slowed to 7.7% in January from 7.9% in December.
FocusEconomics Consensus Forecast panelists project private consumption will increase 3.1% in 2023, which is unchanged from last month’s forecast. In 2024, the panel sees private consumption growing 2.8%.