Worst quarterly result ever for retail sales

0

Online sales hit a fourth consecutive record at $ 4.3 billion seasonally adjusted. However, the pace of growth has slowed down compared to the previous three months.

The drop in retail was 0.9 percentage points larger than the first nationwide lockdown, which took the annual figure from 8.8% growth on June 30 to a contraction of 2.2% on June 30. September.

Monthly sales rose 1.3% in September, but that was not enough to offset declines of 2.7% in July and 1.7% in August.

“Declines in social spending and spending that relied on in-person purchases – restaurant meals, larger items – were not offset by stocking groceries or working from home,” the economist said. ANZ Principal Adelaide Timbrell.

“This is why the 2021 drop in retail trade following lockdowns was more severe than the drop in quarter 2020.”

The lockdown states of NSW and Victoria saw declines of 1.6% and 4.5% respectively, while trade in Canberra fell 14%.

All free jurisdictions recorded an increase in sales during the quarter. Western Australia and Tasmania saw the largest increase in volume traded, with 4.1% and 2.2% respectively.

Nationally, department stores, hospitality and clothing retailers were the worst performers, all down 17% to 20% from pre-pandemic levels, while other categories edged down. increase.

High-frequency card spending data from the CBA and ANZ showed that card spending across the country was 20% higher in the week ending October 29 than in the past. the same week in 2019. This result was up from the weekly growth of 18.6% the week before. the first free from severe restrictions.

“Spending has practically picked up at the pace before the lockdowns,” the ABC said, adding that while spending on services continued to rise, there had not been a commensurate decline in online spending.

This suggests that people were saving less of their disposable income with each payday. The household savings rate was 9.7 percent in the June quarter and is expected to rise to 15 percent in the September quarter.

Households also have nearly $ 200 billion in additional hidden savings during the pandemic, which the government says will act like a rocket under the economy in the months to come.


Source link

Share.

Comments are closed.