Australian retail turnover experienced a modest rise of 0.6% in May 2024, as reported by the Australian Bureau of Statistics (ABS).
The increment follows a marginal 0.1% increase in April and a 0.4% decline in March of the same year.
Go deeper with GlobalData
ABS business statistics head Robert Ewing said: “Retail turnover was boosted this month by watchful shoppers taking advantage of early end-of-financial year promotions and sales events.”
“Retail businesses continue to rely on discounting and sales events to stimulate discretionary spending, following restrained spending in recent months.”
Despite the upturn, the overall spending trend remains unchanged with a mere 1.5% year-on-year growth compared to May 2023.
The increase in turnover was particularly notable in non-food sectors.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClothing, footwear and personal accessory retailing saw the most significant growth at 1.6%, rebounding from previous declines.
During the month, household goods retailing saw a 1.1% increase and other retailing sectors experienced a 0.2% rise.
However, department stores witnessed a 0.9% decrease in turnover.
Robert Ewing added: “Many retailers started end-of-financial year sales early, offering larger discounts than usual, and noted that shoppers remain price-sensitive in response to persistent cost-of-living pressures.”
Food retailing saw a 0.7% increase in May, driven by a significant 6.1% surge in liquor retailing.
Cafés, restaurants and takeaway food services, however, experienced a slight 0.1% downturn.
The fluctuation in spending on cafés, restaurants, and takeaway food services was attributed to the impact of major cultural events.
Ewing said: “Large cultural events continue to impact cafés, restaurants and takeaway food services, with the fall in May a reversal of increased spending associated with LIV Golf Adelaide and the AFL Gather Round in South Australia last month.”
Regionally, Western Australia and Victoria led the growth with increases of 1.3% and 1.2% respectively.
In contrast, New South Wales and South Australia each recorded a 0.1% drop in retail turnover.
