- Victoria and Western Australia helped drive a neat 1.4 per cent increase in retail trade over the month of March, according to the latest figures from the ABS
- Preliminary figures show Australians spent over $30.7 billion in stores and online over the month of March — around 2.3 per cent more than March 2020
- The increase was largely driven by Victoria and Western Australia as the two states rebounded from short lockdown stints in February
- Queensland saw a minor fall in retail trade thanks to ongoing COVID-19 restrictions through March, while Brisbane was impacted by a three-day lockdown towards the end of the month
- Nevertheless, the ABS said the March quarter as a whole is looking to be relatively unchanged from the previous quarter
- Today’s preliminary figures capture only around 80 per cent of all retail turnover the real figures may be different once all data is accounted for
- The final ABS retail report is slated to be released on May 10
Victoria and Western Australia helped drive a neat 1.4 per cent increase in retail trade over the month of March, according to the latest figures from the Australian Bureau of Statistics (ABS).
Preliminary figures show Australians spent just over $30.7 billion in stores and online over the month of March, which is around 2.3 per cent more than March 2020.
It’s important to note, however, that March 2020 saw a major spike in retail trade compared to the months before as Australians flocked to supermarkets to stock up on toilet paper and other perishables ahead of COVID-19-induced lockdowns.
As such, compared to February 2020, this year’s March retail spend was about $3 billion, or 10.6 per cent, higher.
According to the ABS, Victoria and Western Australia led the rise, with retail spending increasing by 4 per cent and 5.5 per cent in the states, respectively.
The healthy increase in retail spending in Victoria and WA is partly attributed to a rebound from short stints of lockdowns due to COVID-19 in February this year.
Cafes, restaurants and takeaway food services were the top industry risers, though clothing, footwear and personal accessory, and department store sales rose, too. However, a one per cent fall in food retailing lightly offset the otherwise strong Victoria and WA retail stats.
Meanwhile, Queensland saw a minor fall in retail trade thanks to ongoing COVID-19 restrictions through March, while Brisbane’s bottom line was impacted by a three-day lockdown towards the end of the month.
Nevertheless, the ABS said the March quarter as a whole is looking to be relatively unchanged from the previous quarter, currently showing a 0.1 per cent fall from the December quarter on seasonally adjusted terms.
This comes on the back of a few stellar months for retail trade over the second half of 2020 as consumption drove Australia’s economic recovery from the brutal COVID crash.
Last year, retail turnover soared 12 per cent on the year over the month of June and 13.2 per cent over November. The months in between saw increases of between 5.7 and 7.1 per cent, while December 2020 lifted 9.7 per cent compared to December 2019.
The ABS said today’s preliminary figures capture only around 80 per cent of all retail turnover, meaning while they provide reasonable estimates, the real figures may be different once all data is accounted for.
The final report is slated to be released on May 10.