Sydney, Jan 9: Australian retail sales experienced a 2.0 percent increase in November 2023, seasonally adjusted, as reported by the Australian Bureau of Statistics (ABS).
This upswing comes after a 0.4 percent decline in October and a 1.0 percent rise in September of the same year.
ABS head of business statistics, Robert Ewing, commented on the impact of Black Friday sales, noting that retailers began their promotional periods earlier and extended them longer than in past years.
He suggested that the significant increase indicates consumers delayed discretionary spending in October to capitalize on November’s discounts, potentially advancing some of their Christmas shopping to take advantage of these deals.
Ewing also highlighted how the popularity of Black Friday events is reshaping spending patterns leading up to Christmas, resulting in more fluctuations in the monthly seasonally adjusted data.
To explain how these shifts are impacting retail turnover’s seasonality, the ABS has released an explanatory article.
November saw growth across all retail industries, with discretionary goods spending, boosted by Black Friday sales, contributing most to the increase.
Household goods retailing saw a 7.5 percent increase, followed by department stores at 4.2 percent, clothing, footwear, and personal accessory retailing at 2.7 percent, and other retailing at 1.1 percent.
Ewing pointed out that Black Friday’s success was amplified by consumers seeking discounts in light of cost-of-living pressures.
Food-related industries also experienced growth, with cafes, restaurants, and takeaway food services and food retailing each seeing a 0.4 percent rise.
In terms of geographical distribution, retail turnover grew across all states and territories, with South Australia recording the largest increase at 2.8 percent, closely followed by Victoria at 2.4 percent. Both states had experienced a decrease in October.
Ewing concluded by emphasizing the nationwide growth in spending during Black Friday sales, with retail turnover rising by more than one percent in every state and territory.
Media & PR: editor@dailystraits.com. Copyright 2021–Present DailyStraits.com. All rights reserved.