Mid-year Sales Boost Retail Turnover: Australia

Australian retail turnover rose 0.5 per cent (seasonally adjusted) in June 2024, according to figures released today by the Australian Bureau of Statistics (ABS).

This followed a rise of 0.6 per cent in May 2024 and growth of 0.2 per cent in April 2024.

Ben Dorber, ABS head of retail statistics, said: "End-of-financial year sales boosted spending in June by more than usual, particularly on discretionary items like furniture, electrical goods and clothing."

Trend estimates from March 2020 to June 2022 are not available due to the degree of disruption and volatility caused by COVID-19. Trend estimates throughout the pandemic period are likely to be unhelpful and potentially misleading for users in interpreting underlying trend in retail activity.

Turnover rose in all industries this month except for cafes, restaurants and takeaway food services, which was relatively unchanged.

The rise in turnover was driven by spending in non-food-related industries. Household goods retailing (+1.1 per cent) had the largest rise, followed by department stores (+1.0 per cent), other retailing (+1.0 per cent), and clothing, footwear and personal accessory retailing (+0.7 per cent).

"Retailers told us that consumers continued to target sales events and look for the best deals before buying big-ticket items like furniture, bedding, TV's and laptops," Mr Dorber said.

All states and territories had a rise except for Tasmania, which remained relatively unchanged.

Today's release also includes retail sales volumes, which fell 0.3 per cent (seasonally adjusted) in June quarter 2024.

The fall in June quarter followed a drop of 0.4 per cent in March quarter 2024 and a rise of 0.4 per cent in December quarter 2023.

"Retail sales volumes fell for the sixth time in the past seven quarters, reflecting that consumers continue to hold back on spending. It also shows that much of the growth in monthly retail turnover reflects higher prices," Mr Dorber said.

Trend estimates from March 2020 to June 2022 are not available due to the degree of disruption and volatility caused by COVID-19. Trend estimates throughout the pandemic period are likely to be unhelpful and potentially misleading for users in interpreting underlying trend in retail activity.

Retail volumes on a per capita basis (-0.9 per cent) fell for an eighth straight quarter, down 3.0 per cent compared to this time last year.

Retail prices rose 0.9 per cent this quarter, up from a 0.7 per cent rise in the March quarter, based on data from the latest Consumer Price Index.