Australia Retail July 2019

Australia

Australia: Weak start to Q3 for Australian consumers

September 3, 2019

Nominal retail sales in July contracted 0.1% over the previous month in seasonally-adjusted terms, swinging from June’s healthy 0.4% increase. This came well below market expectations of a 0.2% increase. July’s reading suggests consumer spending continued to be restrained by muted wage growth and elevated levels of debt.

July’s dip came on the back of lower sales in clothing, footwear and personal accessory retailing; other retailing; cafes, restaurants and takeaway services; food retailing; and sales in department stores. Meanwhile, food retailing and household goods retailing rose.

In annual terms, retail sales expanded 2.6% in July, up from June’s 1.9% increase. Meanwhile, annual average growth in retail sales was stable at June’s 3.0%.

FocusEconomics Consensus Forecast panelists see private consumption growing 2.5% in 2019, which is unchanged from last month’s forecast. For 2020, the panel expects private consumption to expand 2.7%.


Author: Massimo Bassetti, Economist

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Australia Retail July 2019

Note: Month-on-month seasonally adjusted changes and annual average variation of retail sales index in %.
Source: Australia Bureau of Statistics and FocusEconomics calculations.


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