Australia Retail Sales and Consumer Spending - July 2023
Paul Young
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Source - Australia Government
Source - Australia Government
Summary:
Retail turnover in Australia grew by 0.5% in July 2023, according to data released by the Australian Bureau of Statistics (ABS).
This comes after the turnover dropped by 0.8% in June and a 0.8% rise in May this year.
During the month, turnover in non-food industries also returned to growth after larger falls in June.
Turnover in department stores grew 3.6%, while clothing, footwear and personal accessory retailing registered 2.0% growth in July.
The data also revealed that there was rise in cafes, restaurants and takeaway food services by 1.3% in July.
Food retailing was relatively unchanged in July, in seasonally adjusted terms, while household goods retailing fell for the second consecutive month at 0.2% during the month.
ABS retail statistics head Ben Dorber said: “The rise in July is a partial reversal of last month’s sharp decline in turnover. This was after weaker-than-usual end of financial year sales.
“While there was a rise in July, underlying growth in retail turnover remained subdued. In trend terms, retail turnover was unchanged in July and up only 1.9% compared to July 2022, despite considerable price growth over the year.
As a CPA and Data and AI Thought Leader, this is a great news to see a increase with retail sales. Here is a bit more of my review of Australia retail sales:
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The total price for a basket of 46 goods from Aldi was $199.69, compared to $208.85 at Woolworths and $214.32 at Coles.