Retail sales rise 0.7%Retail sales spiked 0.7% in November, last suggesting retail is on the road to recovery.
This rise for November was larger than the 0.5 per cent jump recorded in October, last.
Year on year retail growth increased 4.6 – a very positive sign for a battered retail sector, suggesting December could see a further boost.
Analysts Citi believe JB HiFi was the biggest winner from the surge in Christmas spending this year, with tablets being one of the most sought after items, along with Harvey Norman and David Jones.
According to the ABS, the biggest winners in November were: ‘other retailing’ (2.1%), which includes restaurants, while clothing, and personal accessory sales rose (1.7%). However, department stores like David Jones and Myer, dropped 2%.
Electrical and electronic goods retailing was static at zero growth.
Australian Retail Association Executive Director Russell Zimmerman said the November increase is a positive sign even higher results can be expected in December, when most consumers start their Christmas shopping.
“Overall, today’s online figures are a great indication that the retail sector has experienced a good start to Christmas and Australian retailers are growing in the online space. “
ABS data does not include pure play online retailers, but new estimates from the Statistics Bureau suggest online accounts hovered under 2% of total retail sales between March-September, last.
Based on a 1.8 percent ABS figure, overall Australian-based online sales are $4.7 billion annually, ARA estimates.
NAB survey, released yesterday, indicated online sales were 6.4 percent of total sales, including overseas operators.
“Anecdotally, a number of retailers I have spoken to since Christmas have been blown away by how enormous Boxing Day was and how successful sales have been over the last two weeks. We hope this will be evident in December’s retail trade figures.”
