Our take on the latest Retail trade survey (Fri 23 Aug 2019)
Quarter’s sales growth at a four-year low
Total retail volumes increased 2.9%pa
Recreational goods volumes increased 8.9%pa
The key numbers...
- Total retail volume growth was 2.9%pa in the June 2019 quarter, slightly down from 3.3%pa in the March 2019 quarter.
- The seasonally adjusted quarterly change was 0.2%, which was the weakest growth rate in four years.
- Consumer spending on recreational goods was up 6.2% from the previous quarter (seasonally adjusted), which was the fastest growth rate in five years.
- Electronics was the only other notable growth store type for the June quarter, up 4.9% from the March quarter.
- Store types with notable declines in sales volumes from last quarter were fuel (down 0.8%), supermarket and grocery stores (down 0.9%), and department stores (down 2.1%).
Retail sales volumes
Annual growth rates
...and our reaction
- Consumers are still spending despite concerns of a slowing economy. Recent strength in recreational goods spending suggests that households don’t have to reach too far into their pockets for their leisure.
- Recent weakness in the fuel market is related to higher petrol prices in the June quarter compared with the March quarter.
- Although June’s growth in retail spending was weaker than the previous two quarters, the softness isn’t overly concerning given slowing population growth. Low unemployment will be contributing to continued growth in retail trade.
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