Australian retail turnover drops 0.4% in March 2024
30 Apr 24 2 min read
Insights
- Australian retail turnover decreased by 0.4 per cent in March 2024, according to the Australian Bureau of Statistics.
- This decline contrasts with earlier increases of 0.2 per cent in February and 1.0 per cent in January.
- Significant drops were seen in clothing and department stores, which fell by 4.3 per cent and 1.6 per cent respectively.
Despite the monthly decrease, there was a year-on-year rise of 0.8 per cent when compared to March 2023, indicating some sustained growth in the sector over the past year, as per ABS.
Significant declines were noted particularly in specific retail sectors. Clothing, footwear, and personal accessory retailing faced the steepest drop, falling by 4.3 per cent. Department stores also saw a notable decrease of 1.6 per cent. These declines largely offset the gains these sectors had achieved in the previous month.
Additionally, the 'other retailing' category experienced a slight fall of 0.3 per cent, equating to a reduction of $15.6 million in seasonally adjusted terms for March.
“Consumers pulled back on retail spending in March as cost-of-living pressures remained high. Underlying retail turnover has been flat for the past six months and was up only 0.8 per cent compared to March 2023. Outside of the pandemic period and introduction of the GST, this is the weakest growth on record when comparing turnover to the same time in the previous year,” said Ben Dorber, ABS head of retail statistics.
Fibre2Fashion News Desk (DP)
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