“Australian Retail Turnover Rises in May 2024, Driven by Early End-of-Financial Year Sales”

Australia, Police

Article:

Australian retail turnover experienced a 0.

May 2024, according to the Australian Bureau of Statistics (ABS).

This follows a 0.

April and a 0.

March.

Robert Ewing, ABS head of business statistics, attributed this growth to watchful shoppers capitalizing on early end-of-financial year promotions and sales events.

The largest rise of 1.

April and March.

Household goods retailing and other retailing also saw increases of 1.

However, department stores faced a decline of 0.

Food-related spending was mixed, with food retailing rising by 0.

The growth in food retailing was primarily driven by a significant 6.

April.

Regionally, Western Australia (+1.

Victoria (+1.

This growth in Western Australia was partly due to the restoration of the Trans-Australian Railway and Eyre Highway freight routes, which had been impacted by major flooding in March.

In contrast, New South Wales and South Australia were the only jurisdictions to face a fall in May.

Despite the seasonally adjusted rise, retail businesses continue to rely on discounting and sales events to stimulate discretionary spending due to ongoing cost-of-living pressures.

The trend estimates indicate that underlying spending remains stagnant, with retail turnover being flat in trend terms and up only 1.

May 2023.

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