Australia: Retail sales skyrocket on panic buying in March
Revised data shows nominal retail sales in March surged 8.5% over the past month in seasonally-adjusted terms, the fastest pace on record (previously reported: +8.2% month-on-month), following February’s 0.6% increase. Retail shopping was boosted by fears of shortages of essential products due to the spread of coronavirus since February.
March’s jump was the result of much higher sales in food retailing, other retailing and household goods retailing more than offsetting plunging sales in cafes, restaurants and takeaway food services, clothing and footwear and personal accessory retailing and department stores.
In annual terms, retail sales soared 9.4% in March, up from February’s 5.7% increase and the sharpest increase in over 12 years. Meanwhile, annual average growth in retail sales rose from 2.8% in February to 3.5% in March.