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Retail Environment “Challenging”

AUSTRALIA DATA
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Retail sales were weaker than expected in March falling 0.4% m/m after rising 0.2% with the decline broad based. Turnover is now up only 0.8% y/y, lowest since August 2021. The series is nominal and so impacted by inflation trends. Q1 volumes are published on May 7. This data is in line with the RBA’s assessment that “consumption growth is weak” but given sticky inflation and robust labour market is unlikely to drive a change in stance.

  • All major components fell on the month, except for food retailing which rose 0.9% m/m. Clothing & footwear fell 4.3% m/m after posting two strong months while household goods fell 1.4%, the second straight drop and is the weakest in annual terms falling 3.2% y/y.
  • The ABS said that retailers had told it that “overall trading conditions remain challenging” and that consumers are “cautious” as they face inflationary pressures.
Australia retail sales %

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Retail sales were weaker than expected in March falling 0.4% m/m after rising 0.2% with the decline broad based. Turnover is now up only 0.8% y/y, lowest since August 2021. The series is nominal and so impacted by inflation trends. Q1 volumes are published on May 7. This data is in line with the RBA’s assessment that “consumption growth is weak” but given sticky inflation and robust labour market is unlikely to drive a change in stance.

  • All major components fell on the month, except for food retailing which rose 0.9% m/m. Clothing & footwear fell 4.3% m/m after posting two strong months while household goods fell 1.4%, the second straight drop and is the weakest in annual terms falling 3.2% y/y.
  • The ABS said that retailers had told it that “overall trading conditions remain challenging” and that consumers are “cautious” as they face inflationary pressures.
Australia retail sales %

Keep reading...Show less