
Australian retail sales rose at the fastest pace in eight months in September, suggesting some resilience in consumer spending.
Nominal retail sales increased by 0.9 per cent in September from August, according to data from the Australian Bureau of Statistics (ABS). This was higher than experts’ forecasts of a 0.3 per cent increase and an upwardly revised 0.3 per cent gain for August.
Sales of A$35.9 billion represented a 2.0 per cent increase over the same period the previous year, marking the first increase since August of that same year, when yearly increases reached a height of nearly 20 per cent.
“The warmer-than-usual start to spring lifted turnover at department stores, household goods and clothing retailers, with more spending on hardware, gardening, and clothing items,” said Ben Dorber, ABS head of retail statistics.
Retail volumes averted a complete collapse over the quarter thanks to customers’ tenacity; economists predict a gain of 0.2 per cent to 0.3 per cent in the three months leading up to September, which is encouraging for economic growth.