ABS delivers some good news to retailers.
There was some good news for electrical retailers with trade figures rising marginally in October with household goods and department stores the big winners. The latest Australian Bureau of Statistics (ABS) Retail Trade figures show turnover rose 0.5% in October 2015 over September 2015. In seasonally adjusted terms there were rises in department stores of 3.5% and household goods retailing of 1.1%.
The biggest increases were in New South Wales and Tasmania, (0.8%) followed by the Australian Capital Territory (0.6%), Victoria and Queensland (0.5%) and the Northern Territory (0.2%). Figures in Western Australia were unchanged. Online retail turnover contributed 3.0% to total retail turnover. Industry figures for household goods showed rises for electrical and electronics retailing of 0.7% with seasonally adjusted estimates rising 1.6%.
Australian Retailers Association (ARA) executive director, Russell Zimmerman, said that retail sales growth is tracking at a steady pace ahead of the all-important Christmas shopping period.
“Despite the ARA being disappointed not to have seen a rate cut earlier this week by the Reserve Bank of Australia which would have provided a strong spending incentive in the lead-up to Christmas, retailers are well placed to meet our Christmas growth predictions,” Zimmerman said.
The ARA and Roy Morgan Research predict Australian shoppers will spend $46.8 billion this Christmas in the six weeks from November 15 to December 24.