Promising results for sector.
The spending slump in Australian retail appears to have come to an end following the release of the Australian Bureau of Statistics (ABS) figures for February showing a rise in turnover of 0.6%.
National Retail Association (NRA) CEO Dominique Lamb said the results are promising for the retail sector, following lacklustre sales in December 2017 and January 2018.
“The February figures show that the spending slump in retail sales has come to an end,” Lamb said, “with increases across every retail industry, with particularly strong sales in household goods and clothing, footwear, and personal accessories, both recording rises of 1.1%.”
There was also a bounce back in department stores sales that rose 1.5% following three consecutive falls.
“It is important that retail does not get complacent following the February figures and the decision by the RBA to keep interest rates on hold should assist in seeing consumer confidence continue to rebound,” Lamb said. “With no state or federal election due between now and November hopefully we will see a stable environment in the months ahead that leads to solid sales figures.”