The Australian retail sector witnessed a notable recovery in January 2024, with retail turnover increasing by 1.1 per cent, seasonally adjusted, according to the Australian Bureau of Statistics (ABS). This rebound comes after a challenging December 2023, where turnover fell by 2.1 per cent, and follows a rise of 1.5 per cent in November 2023.

The recovery in January was particularly strong in the non-food industries, which all saw rebounds from the previous month's declines. Leading the way, clothing, footwear, and personal accessory retailing surged by 2.4 per cent, marking the most significant increase among the sectors. This was closely followed by a 2.3 per cent rise in household goods retailing and a 1.7 per cent increase in department store sales. Additionally, the 'other retailing' sector also experienced a rise of 1.7 per cent, as per ABS.

The uplift in retail turnover was widespread, with almost all Australian jurisdictions reporting growth of 1 per cent or more, underscoring a nationwide recovery from the significant drops seen in December. Tasmania stood out by posting a 1.3 per cent rise, especially notable following a flat performance in December.

“The rebound in January follows a sharp fall in December when consumers pulled back on spending after taking advantage of Black Friday sales in November. Retail turnover is now back at a similar level to September 2023. Retail turnover was unchanged in trend terms in January. This means there has been no growth in retail turnover when we look through the volatility of the past few months. Rather, spending patterns have shifted because of changes in seasonality around Black Friday as consumers took advantage of discounting in response to cost-of-living pressures,” said Ben Dorber, ABS head of retail statistics.

Fibre2Fashion News Desk (DP)

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