Retail Sales in Australia
Australia's economy recorded an average growth rate of 4.8% in retail sales in the decade to 2022, below the 8.2% average for the Asia-Pacific region. In 2022, retail sales growth was 11.3%.
Australia Retail Chart
Australia Retail Data
2018 | 2019 | 2020 | 2021 | 2022 | |
---|---|---|---|---|---|
Retail Sales (ann. var. %) | 3.0 | 2.7 | 6.7 | 5.3 | 11.3 |
Retail sales contract at sharpest rate since August 2020 in December
Retail sales dropped 2.7% month-on-month in seasonally adjusted terms in December (November: +1.6% s.a. mom). The outturn marked the worst reading since August 2020. The notable weakening was partly driven by a deterioration in household goods sales, as it recorded the weakest reading since July 2000. In addition, clothing and footwear sales fell sharply. Lastly, department stores sales declined at a sharper rate, while cafes, restaurants and takeaway food services sales dipped at a steeper pace than in the prior month.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Australian retail projections for the next ten years from a panel of 1 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable retail forecast available for Australian retail.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Australian retail projections.
Want to get access to the full dataset of Australian retail forecasts? Send an email to info@focus-economics.com.
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