Australia: Retail sales grow at fastest pace since January in November
Retail sales expanded 1.4% in month-on-month seasonally-adjusted terms in November, which followed October’s 0.4% increase. November’s result marked the best reading since January. November’s upturn was primarily driven by upturns in household goods and clothing and footwear sales. Lastly, department stores sales gained steam, while cafes, restaurants and takeaway food services sales lost pace.
In annual terms, retail sales expanded 7.7%, down from Octobers 12.0% growth.
FocusEconomics Consensus Forecast panelists project private consumption will increase 3.1% in 2023, which is unchanged from last months forecast. In 2024, the panel sees private consumption growing 2.8%.