Australia: Retail sales perk up considerably in November

Nominal retail sales in November rose 1.2% from the previous month in seasonally adjusted terms, up from October’s 0.5% uptick and overshooting analysts’ expectations. November’s print marked the fastest rise since 2013, and is a sign that Australian consumers are beginning to loosen their purse strings once more following several months of weak readings. The increase came on the back of growth in the household goods and clothing and footwear sub-sectors, and was aided by Black Friday sales.

On a year-on-year basis, retail sales expanded 3.5% in November, up from 1.6% in October, while annual average retail sales growth remained at 2.6% in November.

Australia Private Consumption Forecast

FocusEconomics Consensus Forecast panelists see private consumption growing 2.4% in 2018 and 2.4% again in 2019.