Australia was expected to report reasonably strong retail figures however the recent Coronavirus outbreak in Victoria has subdued the results. However despite this, with international travel still almost impossible, the outlook is still bright due to build up of savings.
The Australian Bureau of Statistics have released their latest retail report and it has shown that retail figures were flat at 0.1 per cent growth in May. The shutdown was only in effect for the last four days of may however retail trade fell 1.5 per cent. Consumer confidence took a dive in Victoria during the lock down with cafes and other hospitality businesses suffering the most.
In other states, there were more positive results with Queensland and Western Australia rising 1.5 per cent.
Australia’s sectors faired differently with clothing and household goods dropping and food retailing rising strongly.
Retail turnover in May was $31.07bn for the month of May. This figure is only 1.6 per cent lower than the November record high. This strong result is set to continue with a consumer spending expected to fuel further.
Adding confidence to the economy is the fact that Australian’s are working more from home as well. Australian workers are now working an average of one day a week at home. This compares the the 0.6 days working at home that occurred prior to the pandemic.
Retail sales are going well for stores like Styletread. They are doing a great trade being an online only store. Use a Styletread promo code to save on your purchase at Styletread.
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