Australia: Retail sales record best result on record in April
June 3, 2021
Nominal retail sales grew 1.1% month-on-month in seasonally-adjusted terms in April (March: +1.3% s.a. mom). The print likely reflected the fading impact of the removal of restrictive measures in certain parts of the country; retail sales in Western Australia dropped over the prior month.
The headline reading reflected a marked contraction in the department stores sectors, offsetting robust growth in the cafes, restaurants and takeaway food services sector, and a rebound in food retailing.
In annual terms, retail sales jumped 23.8% in the month (March: +4.0% yoy) and logged a record-high on the back of a favorable base effect: The country was in lockdown in the same month a year prior, which weighed heavily on consumers’ ability to spend. Meanwhile, annual average growth in retail sales increased to 9.2% in April, from 6.8% in March.
Author: Jan Lammersen, Economist