Australian retail turnover drops 0.2% in October 2023

Retail turnover in Australia dropped by 0.2% in October 2023, in keeping with seasonally adjusted figures launched by the Australian Bureau of Statistics (ABS).

This comes after retail turnover development of 0.2% and 0.9% in August and September respectively.

Throughout September, the meals retail business was the one enterprise to ship development with a 0.5% enhance in gross sales.

Amongst non-food industries, retail turnover for clothes, footwear and private equipment registered the sharpest decline at 1.0%, adopted by family items’ retailing and department shops which recorded a decline of 0.6% every.

Retail turnover for different retailing decreased by 0.4%.

ABS retail statistics head Ben Dorber said: “Retail turnover fell in October after a short-lived increase in spending in September. Turnover was down in all retail classes besides meals retailing.

“It seems like shoppers hit the pause button on some discretionary spending in October, doubtless ready to benefit from reductions throughout Black Friday gross sales occasions in November. It is a sample we now have seen develop lately as Black Friday gross sales develop in recognition.”

Retail gross sales for cafés, eating places and takeaway meals companies fell for the second consecutive month at 0.4%.

Ben Dorber added: “Spending in cafés, eating places and takeaway meals companies has slowed in latest months in response to rising meals costs and cost-of-living pressures. It’s now again to an analogous stage to what we noticed in July 2023.”

Regionally, 5 states and territories recorded a fall in retail turnover, with Victoria posting a 0.8% decline and New South Wales and the Australian Capital Territory each recording a 0.5% decline through the month.