Our take on the latest Retail trade survey (Tue 26 Nov 2019)
Total retail volumes increased 4.5%pa
Durable retail volumes up 6.0%pa
Recreational goods volumes increased 13%pa
The key numbers...
- Retail trade saw a resurgence in the September quarter, with the value of total sales increasing 4.5%pa, up from a modest 2.9%pa in the June quarter.
- Industries that contributed the most to this growth were electronics, recreational goods, and department store retailing (up 14%, 13%, and 5.0%pa, respectively).
- Accommodation spending slipped 3.7%pa in the September quarter.
- Spending in the transport sector was mixed, with spending on motor vehicles and parts up 3.7%pa, and fuel expenditure easing 0.2%pa.
Retail sales volumes
Annual growth rates
...and our reaction
- Despite signs of a weakening economy, retail spending is going strong for the time being. Anticipated government stimulus may help boost consumer spending further as we enter an election year with a surplus.
- Low unemployment and the recent growth in wages is likely to have spurred on more consumer spending, particularly for luxury or durable goods.
- A marked decline in accommodation spending over the September quarter and an easing of fuel payments highlights softening in the tourism market with Chinese tourist arrivals continuing to drop away.
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