Retail

Australian retail turnover declines 2.7% in December 2023

30 Jan '24

2 min read

Pic: Adobe Stock

Australia’s retail turnover decreased by 2.7 per cent on a seasonally adjusted basis in December 2023, according to figures released by the Australian Bureau of Statistics (ABS). This decline follows a revised rise of 1.6 per cent in November 2023 and a fall of 0.2 per cent in October 2023.

December saw significant decreases in specific retail sectors, particularly in clothing, footwear, and personal accessory retailing, which fell by 5.7 per cent, amounting to a $173.3 million decrease, as per ABS.

This downturn in retail turnover was also evident in department stores, which experienced an 8.1 per cent drop, translating to a $160.8 million decrease.

The ABS noted that revisions to seasonally adjusted data this month are larger than usual, reflecting improvements in the data as seasonal patterns become clearer.

All non-food industries, which had previously been boosted by Black Friday sales in November, experienced a downturn in December.

"The large fall in retail turnover in December was caused by a fall in discretionary spending. Consumers brought forward some of their usual December spending to November to take advantage of Black Friday sales. This shift in spending from December to November reflects the growing popularity of Black Friday sales and the impact of cost-of-living pressures, with consumers seeking out bargains and taking advantage of discounts in November,” said Ben Dorber, ABS head of retail statistics.

Fibre2Fashion News Desk (DP)

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