Australian retail turnover rose 1.4 per cent in October 2020, seasonally adjusted, according to the latest Australian Bureau of Statistics (ABS) retail trade figures.
Ben James, director of Quarterly Economy Wide Surveys, says the reopening of physical stores in Victoria led to national rises for cafes, restaurants and takeaway food services (5.4 per cent), clothing, footwear and personal accessory retailing (6.8 per cent), other retailing (2.0 per cent), and department stores (4.5 per cent).
And while household goods retailing (-1.0 per cent) recorded a fall in October, it continued to record high levels of turnover compared to a year ago.
National Retail Association (NRA) deputy CEO, Lindsay Carroll, adds that the October sales spike is very encouraging and bodes well for a merry Christmas for retailers across the country.
“Retail is on a road to recovery and the timing could not be better as the sector heads into Christmas,” she says.
“The further loosening of lockdown measures since October, particularly in relation to state border closures, should only see the retail resurgence continue.”
Carroll says that with Australia now officially out of recession, the retail sector would prove pivotal in seeing just how quickly the economy rebounds.
“With Australia officially out of recession, attention will now turn to how fast the recovery is and how retail performs in the coming months will play a big part in that.
“With the Christmas trade season well under way, we urge shoppers to not be shy and splurge at the checkout to help turbocharge Australia’s economic resurgence.”
The NRA is forecasting $52.4 billion nationwide to be spent over the Christmas period.
