Retail

Australian retail turnover rebounds in November 2023

09 Jan '24

2 min read

Pic: Adobe Stock

Insights

Australian retail turnover rose by 2 per cent in November 2023, marking a recovery from October's 0.4 per cent decline.
Growth was driven by increased spending on discretionary goods during Black Friday sales, with the clothing sector seeing a 2.7 per cent increase.
All states and territories experienced growth, led by South Australia and Victoria.

Australia saw a notable 2 per cent increase in retail turnover for November 2023, on a seasonally adjusted basis, according to data by the Australian Bureau of Statistics (ABS). This rebound marks a significant recovery from the 0.4 per cent decline observed in October 2023 and builds on the 1 per cent rise witnessed in September 2023.

November's growth was universally seen across all retail industries. A key driver for this surge was the increased spending on discretionary goods, particularly bolstered by Black Friday sales. Notably, the sector of clothing, footwear, and personal accessory retailing experienced a significant rise of 2.7 per cent, equating to an $81.3 million increase in November, when adjusted for seasonal variations.

The positive trend in retail turnover extended throughout Australia, with all states and territories reporting substantial growth. South Australia led the way with a remarkable increase of 2.8 per cent, followed closely by Victoria, which saw a 2.4 per cent rise. This growth is particularly noteworthy as both states had experienced a fall in retail turnover in October, as per ABS.

“The strong rise suggests that consumers held back on discretionary spending in October to take advantage of discounts in November. Shoppers may have also brought forward some Christmas spending that would usually happen in December. The popularity of Black Friday events is affecting spending patterns in the lead up to Christmas. This causes more volatile monthly movements in seasonally adjusted data,” said Robert Ewing, ABS head of business statistics.

Fibre2Fashion News Desk (DP)

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