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Retail turnover in December fell compared to the prior month despite the Christmas season traditionally being a sales sugar hit for traders.
Latest figures from the Australian Bureau of Statistics has revealed retail turnover fell 4.2 per cent compared to November, partly driven by new COVID-19 restrictions after Sydney’s northern beaches cluster halting food spending.
“Food retailing also fell in December, as COVID-19 restrictions limited household gatherings in some states and territories,” the ABS said in a statement.
Turnover in December however, was 9.4 per cent higher than the same month in 2019.
Economists at ANZ said the fall was “not a cause of concern” as the ending of major lockdowns in the prior month caused a large and irregular spike in the data.
“Even without border restrictions and uncertainty, a positive result for December would have been very unlikely,” ANZ economist Adelaide Timbrell said.
“Strong drivers of retail growth coincided in November, including the reopening of retail in Melbourne, Black Friday sales and key electronic product releases. This created a spike in spending unlikely to be matched the very next month.”
ABS director Ben James said falls were recorded in all six retail sectors with household goods being the main driver in the slump.
“Household goods retailing, other retailing, department stores, and clothing, footwear and personal accessory retailing, fell after large rises in November,” he said.
Mr James noted November’s sharp rise was largely due to Victoria’s emergence from its second lockdown and new product releases during the Black Friday sales period.
Cafes, restaurants and takeaway food services were the only industry to see a rise in revenue turnover.
Victoria’s economy had the largest fall by 7 per cent in December, while New South Wales dropped 5 per cent over the month.
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