“Australian Retail Turnover Dips 2.7% in December 2023, Black Friday Sales Impact Spending Patterns”

Australia, Police

Article: The Australian retail sector experienced a 2.

December 2023, a significant drop following November’s revised 1.

October’s 0.

Australian Bureau of Statistics (ABS) reported.

The seasonally adjusted data revisions were larger than usual due to the evolving seasonal pattern becoming clearer.

ABS head of retail statistics, Ben Dorber, attributed the substantial fall to a decrease in discretionary spending, as consumers moved some of their usual December spending to November to take advantage of Black Friday sales.

This shift in spending patterns reflects the growing popularity of Black Friday sales and the impact of cost-of-living pressures, with consumers seeking out bargains and discounts in November.

Despite the large seasonally adjusted fall in December, retail turnover rose 0.

Turnover fell in all non-food industries that had benefited from Black Friday sales in November, with household goods retailing (-8.

Food-related industries also saw turnover declines, with cafes, restaurants, and takeaway food services (-1.

Food retailing, however, was the only industry to see a rise in turnover (0.

The trend was consistent across the country, with all states and territories experiencing large falls in retail turnover, most by more than 2.

The ABS will release additional information on the December reference period, including quarterly price and volume data, on 6 February 2024.

The bureau thanked businesses for their continued support in responding to their surveys.