Retail sales fall in December after Black Friday bites
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The news: Australian retail turnover fell 2.7% in December after spiking in November, as more Australians expedited their Christmas shopping to take advantage of Black Friday sales, ABS figures show.
The numbers: The 2.7% drop in December followed a revised rise of 1.6% in November and a fall of 0.2% in October, correlating with the increasing popularity of November sales. Turnover fell in all sectors that enjoyed a boost during the November sales, particularly household goods retailing (-8.5%), department stores (-8.1%) and clothing footwear and personal accessory retailing (-5.7%).
The context: Rising interest rates and cost-of-living pressures have also likely contributed to a discount-focused mindset for Australian consumers, the ABS said.
What they said: "This shift in spending from December to November reflects the growing popularity of Black Friday sales and the impact of cost-of-living pressures, with consumers seeking out bargains and taking advantage of discounts in November," ABS retail statistics head Ben Dorber said in a statement.
"While there was a large seasonally adjusted fall in December, retail turnover rose 0.1 per cent in trend terms. This shows that underlying retail spending remains subdued when we look through the volatile movements over recent months in the lead up to Christmas."
The source: ABS Media Release
